Ellenbarrie Industrial Gases IPO: A Glimpse into Growth and Expansion

Ellenbarrie Industrial Gases Ltd's initial public offering (IPO) gained 31% subscription by its second day. The IPO saw bids for 47,29,488 shares out of the 1,51,08,983 offered, with non-institutional investors subscribing at 58%.

Raising Rs 256 crore from anchor investors, the IPO aims to conclude on Thursday with a price band set between Rs 380-400 per share. The Rs 852-crore IPO consists of a fresh issue and an offer for sale by promoters Padam Kumar Agarwala and Varun Agarwal.

Funds from the new share issue, amounting to Rs 400 crore, will be utilized to repay debt, establish an air separation unit at the Uluberia-II plant in West Bengal, and cover general corporate expenses. Ellenbarrie's shares are set to list on the BSE and NSE, with Motilal Oswal, IIFL Capital, and JM Financial managing the issue.

(With inputs from agencies.)