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Ellenbarrie Industrial Gases Ltd IPO
Status: Closed
Overview
IPO date
24 Jun 2025 to 26 Jun 2025
Face value
₹ 2 per share
Price
₹ 380 to ₹400 per share
Issue Size
21,313,130 shares
(aggregating up to ₹ 852.53 Cr)
(aggregating up to ₹ 852.53 Cr)
Allotment Date
27 Jun 2025
Listing at
NSE
Issue type
Book Building
Sector
Chemicals
Objectives of Ellenbarrie Industrial Gases Ltd IPO
Initial public offer of up to 21,313,130 equity shares of face value of Rs. 2 each ("Equity Shares") of Ellenbarrie Industrial Gases Limited ("Company" or "Issuer") for cash at a price of Rs. 400 per equity share of face value of Rs. 2 each (including a share premium of Rs. 398 per equity share) ("Offer Price") aggregating up to Rs. 852.53 crores comprising a fresh issue of up to 10,000,000 equity shares of face value of Rs. 2 each aggregating up to Rs. 400.00 crores by the company ("Fresh Issue") and an offer for sale of up to 11,313,130 equity shares of face value of Rs. 2 each aggregating up to Rs. 452.53 crores ("Offered Shares") by the promoter selling shareholders, ("Offer for Sale", together with the fresh issue, the "Offer").
Ellenbarrie Industrial Gases Ltd IPO Strategy
- Expand our Portfolio of Gases, Particularly Speciality Gases, and Target Additional End-Use Industries
- Initiate Plant Manufacturing, Complementing our Project Engineering Capabilities
- Expand Our Manufacturing Capacity and Establish a Pan-India Presence
- Create a Healthy Mix of Merchant and Onsite Business
- Grow Through Strategic Acquisitions and Alliances
About Ellenbarrie Industrial Gases Ltd
Ellenbarrie Industrial Gases Ltd is the largest 100% standalone Indian industrial gases company. The company is a manufacturer/supplier of a range of oxygen, nitrogen, argon and other industrial gases. Their products include oxygen (bulk and packaged), medical oxygen, nitrogen (bulk and packaged), argon (bulk and packaged), high-purity gases, dissolved acetylene gas nitrous oxide IP, hydrogen, carbon dioxide and specialty gases/gas mixtures.
The company is also engaged in import, trading and processing of ferrous products. These activities are conducted in a steel service center in Howrah. They deal in the flat products, such as tin mill black plate, tinfree sheets, strips and coils, tinplate sheets, strips and coils, electrical sheets, color coated sheets, misprint sheets, and cold rolled sheets, strips and coils.
The company was incorporated in the year 1973. The company has two primary business segments, namely Gases and related products and Sheets. Gases and related products comprise manufacture and sale of Industrial, Medical and special gases as well as related products.
During the year 2008-09, the Vizag Project of the company commenced their trial run.
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Strengths vs Risks of Ellenbarrie Industrial Gases Ltd
Know the pros & cons
Strengths
Leading Manufacturer of Industrial Gases, Well Positioned to Capitalise on Industry Tailwinds- Comprehensive Product Portfolio, Catering to Diverse End-use Industries
- Long-standing Customer Relationships Leading to Stable Cashflows
- Diversified Customer Base, Minimizing Concentration Risks
- Expansive operational and distribution capabilities across East and South India
- Experienced Promoters and Management Team, Supported by a Committed Employee Base
Risks
- The company depends on its relationships with the company customers, and the loss of one or more of its key customers, or the deterioration of their financial condition or prospects, or a reduction in their demand for its products, could adversely affect its business, results of operations, cash flows and financial condition.
- Its business is dependent on the company facilities. Any unscheduled, unplanned or prolonged disruption of its facilities could adversely affect the company business, results of operations, cash flows and financial condition.
- Its business is dependent on the company facilities. Any unscheduled, unplanned or prolonged disruption of its facilities could adversely affect the company business, results of operations, cash flows and financial condition.
- The company supply products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. The company cannot assure you that its will continue to receive such contracts in the future, which may adversely affect its business, results of operations cash flows and financial condition. Any change in qualification criteria, unexpected delays and uncertainties in the tendering process may have an adverse effect on its business. Further, the company may faces delays in receiving payments from such entities, which may have an impact on its cash flows.
- The company supply products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. The company cannot assure you that its will continue to receive such contracts in the future, which may adversely affect its business, results of operations cash flows and financial condition. Any change in qualification criteria, unexpected delays and uncertainties in the tendering process may have an adverse effect on its business. Further, the company may faces delays in receiving payments from such entities, which may have an impact on its cash flows.
- The company is subject to risks associated with its products, manufacturing processes and distribution network, owing to the hazardous nature of industrial gases. Failures to manage these operational risks may adversely affect its business, results of operations, cash flows and financial condition.
- The company is subject to strict quality requirements, regular inspections and audits, and sales of its products is dependent on the company quality controls and standards. Any failures to comply with quality standards may adversely affect its business prospects and financial performance, including cancellation of existing and future orders.
- The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company facilities, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could adversely affect its business, results of operations, cash flows and financial condition.
- Under-utilization of its manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Five of its nine facilities are located in West Bengal. Any adverse developments in the region could impact its manufacturing operations, and consequently, business, results of operations, cash flows and financial condition.
- There is no assurance that the Objects of the Offer will be achieved within the timeframe expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.
- The company has not placed orders for all machinery to be purchased for setting up a new air separation unit at its Uluberia-II plant. Any delays in placing orders for such machinery may result in a cost and time overrun, which could have an adverse effect on the operations and profitability of the Company.
- As of March 31, 2025, the company had contingent liabilities which have not been provided for in its financial statements and could adversely affect its financial condition.
- Its facilities are dependent on adequate and uninterrupted supply of electricity, fuel and water. Any shortage or disruption in electricity, fuel or water supply may lead to disruption in operations, higher operating cost and consequent decline in its operating margins.
- There are outstanding legal proceedings involving it, the company Directors, its Promoters, the company Key Managerial Personnel and its Senior Management. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, results of operations, cash flows and financial condition.
- Its business and the demand for the company products is reliant on the demand for certain end-use industries, and any decline in the demand for the end-products in such industries could have an adverse impact on its business, results of operations, cash flows and financial condition.
- Its inability to collect receivables and default in payment from the company customers could result in the reduction of its profits and affect the company cash flows.
- The company is unable to trace certain of its corporate filings with respect to certain corporate records and secretarial forms filled by it with the Registrar of Companies. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to such matters, which may adversely impact its financial condition and reputation.
- There are certain discrepancies in some of the regulatory filings done by it and there have been instances of past violations by the Company and its Promoters. The company cannot assure you that in future there will be no instances of inadvertent non-compliances with statutory requirements, or the company will not receive observations and/or notices from the regulatory authorities for such discrepancies.
- The company has not incurred the required portion of the expenditure towards corporate social responsibility requirements under the Companies Act, 2013 in Fiscal 2023. Its may be subject to imposition of notices or penalties under the Companies Act, 2013 from the Ministry of Corporates Affairs, Government of India for non-compliance in relation to its CSR expenditure, which could adversely affect its reputation and business.
- Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on its financial condition.
- The company is exposed to risks in relation to the supply of its products, particularly through third party transportation. A failures to deliver its products to the company customers in an efficient and reliable manner could have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company does not manufacture the medical equipment that the company offer as part of its project engineering services. Any defect or non-compliance with quality standards in connection with such medical equipment could adversely affect its business, results of operations, cash flows and financial condition.
- Its historical delisting from the Calcutta Stock Exchange may affect investor confidence and the trading price of its Equity Shares.
- Its business is capital intensive, requiring significant working capital and capital expenditure, which may necessitate incurring indebtedness which may adversely affect its cash flows and profitability.
- Its may not be successful in implementing the company growth strategies. Its inability to grow the company operations or execute such strategies could adversely affect its business, results of operations, cash flows and financial condition.
- Its insurance cover may not be adequate or the company may incur uninsured losses or losses in excess of its insurance coverage which could adversely affect its business, results of operations, cash flows and financial condition.
- Its increased operational capacity has not proportionately translated into higher revenue and profit margins, and any such inability of the Company to convert increased capacity to proportionate increase in revenues and margin may adversely affect its financial performance.
- Information relating to the installed manufacturing capacity and capacity utilisation of its facilities included in this Red Herring Prospectus are based on various assumptions and estimates. These assumptions and estimates may prove to be inaccurate and its future production and capacity may vary.
- Its business is particularly dependent on the sale of oxygen and nitrogen, which are in turn used in various end-use industries. Any reduction in demand for these gases could adversely affect its business, results of operations, cash flows and financial condition.
- The high capital expenditure required for customers to switch vendors acts as a barrier to attracting new customers.
- The company is subject to stringent environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations to its manufacturing operations may adversely affect its business, results of operations, cash flows and financial condition.
- Any disruption to the steady and regular supply of workforce for its operations could adversely affect the company business, results of operations, cash flows and financial condition.
- The company is subject to several labour legislations and regulations governing welfare, benefits and training of its employees. Any increase in wage and training costs could adversely affect its business, results of operations, cash flows and financial condition.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business and financial condition. In addition, certain of the company financing agreements involve variable interest rates and an increase in interest rates may adversely affect its business, results of operations, cash flows and financial condition.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business and financial condition. In addition, certain of the company financing agreements involve variable interest rates and an increase in interest rates may adversely affect its business, results of operations, cash flows and financial condition.
- Its auditors have included certain observations in their audit report for Fiscal 2025 and Fiscal 2024 in relation to `Other Legal and Regulatory requirements. The company cannot assure you that its auditors will not include any such observations or adverse remarks in their audit reports.
- Technology failures could disrupt its operations and adversely affect its business operations and financial performance.
- Its ability to access capital at attractive costs depends on the company credit ratings. Non-availability of credit ratings or a poor rating may restrict its access to capital and thereby adversely affect its business, results of operations, cash flows and financial condition.
- Any delays in the schedule of implementation of its proposed objects could have an adverse impact on its business, financial condition and results of operations.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by F&S exclusively commissioned and paid for by it for such purpose.
- The company is dependent on a number of key personnel, including certain of its Directors, its Key Managerial Personnel and the company Senior Management Personnel, and the loss of or its inability to attract or retain such persons could adversely affect its business, results of operations, cash flows and financial condition.
- Many of its Independent Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- The company faces competition that may result in a loss of its market share and/or a decline in the company profitability.
- Its intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of its technology without compensating it, thereby eroding its competitive advantages. Further, certain trademarks and logo are owned by its Promoter and have been licensed to it instead of an outright sale which may not be in the interest of the shareholders of the Company, including potential investors.
- Failures in internal control systems could cause operational errors which may have an adverse impact on its profitability.
- A portion of its Registered and Corporate Office is located on leased premises. The company cannot assure you that the lease deeds governing this, or its other premises, will be renewed upon termination or that the company will be able to obtain other premises on same or similar commercial terms.
- Negative publicity against it, the company Promoters, Promoter group, its customers or any of the company or their affiliates could cause it reputational harm and could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Pricing pressure from customers may affect its gross margin, profitability and ability to increase its prices, which in turn may adversely affect its business, results of operations, cash flows and financial condition.
- Its may be subject to fraud, theft, employee negligence or similar incidents which may adversely affect its business, results of operations, cash flows and financial condition.
- Failures to maintain confidential information of its customers could adversely affect its business, results of operations, cash flows and financial condition or damage its reputation.
- The use of the Straight Line Method for calculating depreciation and amortization may not accurately reflect the actual decline in value of its assets, potentially leading to misrepresentation of financial statements and inaccurate asset valuation.
- Its may enter into necessary or desirable strategic acquisitions, or make acquisitions, or investments to grow its business. Any failures to achieve the anticipated benefits from these strategic acquisitions, or investments with its existing business, could adversely affect the company.
- Its Promoters have provided guarantees in connection with the company borrowings. Its business, results of operations, cash flows and financial condition may be adversely affected by the revocation of all or any of the guarantees provided by its Promoters in connection with the company borrowings.
- Its Promoters have provided guarantees in connection with the company borrowings. Its business, results of operations, cash flows and financial condition may be adversely affected by the revocation of all or any of the guarantees provided by its Promoters in connection with the company borrowings.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The average cost of acquisition of Equity Shares by the Promoter Selling Shareholders could be lower than the floor price of the Price Band.
- The Company will not receive any proceeds from the Offer for Sale.
- Its ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.
- The Company has availed certain unsecured loans which may be recalled by lenders.
- The Company has availed certain unsecured loans which may be recalled by lenders.
- Its Promoters, certain of the company Directors, senior management and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Its Promoters, Directors, Key Managerial Personnel and other key executives of the Company may enter into ventures that may lead to real or potential conflicts of interest with its business. Further, conflicts of interest may arise out of common business objects between the Company and Group Companies.
- The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its business, results of operations, cash flows and financial condition.
- The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian industrial gases industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Significant differences exist between Ind AS used to prepare its financial information and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.
- Its customers may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
- Its customers may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
Ellenbarrie Industrial Gases Ltd Peer Comparison
Understand the company’s industry standing
Ellenbarrie Industrial Gases Limited
Linde India Limited
Face Value
2
10
Standalone / Consolidated
Standalone
Consolidated
Total Income Rs. Cr.
---
---
EPS-Basis
6.36
53.33
EPS-Diluted
6.36
53.33
NAV Per Share
25.48
447.91
P/E-Basic EPS
---
140.74
P/E-Diluted EPS
---
---
RONW(%)
24.97
11.91
Latest NAV Period
---
---
Latest NAV
---
---
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The IPO opens on 24 Jun 2025 & closes on 26 Jun 2025.
Ellenbarrie Industrial Gases Ltd is the largest 100% standalone Indian industrial gases company. The company is a manufacturer/supplier of a range of oxygen, nitrogen, argon and other industrial gases. Their products include oxygen (bulk and packaged), medical oxygen, nitrogen (bulk and packaged), argon (bulk and packaged), high-purity gases, dissolved acetylene gas nitrous oxide IP, hydrogen, carbon dioxide and specialty gases/gas mixtures.
The company is also engaged in import, trading and processing of ferrous products. These activities are conducted in a steel service center in Howrah. They deal in the flat products, such as tin mill black plate, tinfree sheets, strips and coils, tinplate sheets, strips and coils, electrical sheets, color coated sheets, misprint sheets, and cold rolled sheets, strips and coils.
The company was incorporated in the year 1973. The company has two primary business segments, namely Gases and related products and Sheets. Gases and related products comprise manufacture and sale of Industrial, Medical and special gases as well as related products.
During the year 2008-09, the Vizag Project of the company commenced their trial run.
Ellenbarrie Industrial Gases Ltd IPO will close on 26 Jun 2025.
- Leading Manufacturer of Industrial Gases, Well Positioned to Capitalise on Industry Tailwinds
- Comprehensive Product Portfolio, Catering to Diverse End-use Industries
- Long-standing Customer Relationships Leading to Stable Cashflows
- Diversified Customer Base, Minimizing Concentration Risks
- Expansive operational and distribution capabilities across East and South India
- Experienced Promoters and Management Team, Supported by a Committed Employee Base
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Padam Kumar Agarwala | 80732576 | 61.66 | 75076011 | 53.27 |
| 2 | Varun Agarwal | 33121024 | 25.3 | 27464459 | 19.49 |
| 3 | Shanti Prasad Agarwala | 12438880 | 9.5 | 12438880 | 8.83 |
| 4 | Manisha Saraf | 10000 | 0.01 | 10000 | --- |
| 5 | Padam Kumar Agarwala Family Pr | 1000 | --- | 1000 | --- |
| 6 | Varun Agarwal Family Private T | 1000 | --- | 1000 | --- |
- The company depends on its relationships with the company customers, and the loss of one or more of its key customers, or the deterioration of their financial condition or prospects, or a reduction in their demand for its products, could adversely affect its business, results of operations, cash flows and financial condition.
- Its business is dependent on the company facilities. Any unscheduled, unplanned or prolonged disruption of its facilities could adversely affect the company business, results of operations, cash flows and financial condition.
- Its business is dependent on the company facilities. Any unscheduled, unplanned or prolonged disruption of its facilities could adversely affect the company business, results of operations, cash flows and financial condition.
- The company supply products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. The company cannot assure you that its will continue to receive such contracts in the future, which may adversely affect its business, results of operations cash flows and financial condition. Any change in qualification criteria, unexpected delays and uncertainties in the tendering process may have an adverse effect on its business. Further, the company may faces delays in receiving payments from such entities, which may have an impact on its cash flows.
- The company supply products to certain government entities and public sector undertakings through a competitive bidding process where the contracts are awarded on a tender basis. The company cannot assure you that its will continue to receive such contracts in the future, which may adversely affect its business, results of operations cash flows and financial condition. Any change in qualification criteria, unexpected delays and uncertainties in the tendering process may have an adverse effect on its business. Further, the company may faces delays in receiving payments from such entities, which may have an impact on its cash flows.
- The company is subject to risks associated with its products, manufacturing processes and distribution network, owing to the hazardous nature of industrial gases. Failures to manage these operational risks may adversely affect its business, results of operations, cash flows and financial condition.
- The company is subject to strict quality requirements, regular inspections and audits, and sales of its products is dependent on the company quality controls and standards. Any failures to comply with quality standards may adversely affect its business prospects and financial performance, including cancellation of existing and future orders.
- The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company facilities, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could adversely affect its business, results of operations, cash flows and financial condition.
- Under-utilization of its manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Five of its nine facilities are located in West Bengal. Any adverse developments in the region could impact its manufacturing operations, and consequently, business, results of operations, cash flows and financial condition.
- There is no assurance that the Objects of the Offer will be achieved within the timeframe expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.
- The company has not placed orders for all machinery to be purchased for setting up a new air separation unit at its Uluberia-II plant. Any delays in placing orders for such machinery may result in a cost and time overrun, which could have an adverse effect on the operations and profitability of the Company.
- As of March 31, 2025, the company had contingent liabilities which have not been provided for in its financial statements and could adversely affect its financial condition.
- Its facilities are dependent on adequate and uninterrupted supply of electricity, fuel and water. Any shortage or disruption in electricity, fuel or water supply may lead to disruption in operations, higher operating cost and consequent decline in its operating margins.
- There are outstanding legal proceedings involving it, the company Directors, its Promoters, the company Key Managerial Personnel and its Senior Management. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, results of operations, cash flows and financial condition.
- Its business and the demand for the company products is reliant on the demand for certain end-use industries, and any decline in the demand for the end-products in such industries could have an adverse impact on its business, results of operations, cash flows and financial condition.
- Its inability to collect receivables and default in payment from the company customers could result in the reduction of its profits and affect the company cash flows.
- The company is unable to trace certain of its corporate filings with respect to certain corporate records and secretarial forms filled by it with the Registrar of Companies. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future in relation to such matters, which may adversely impact its financial condition and reputation.
- There are certain discrepancies in some of the regulatory filings done by it and there have been instances of past violations by the Company and its Promoters. The company cannot assure you that in future there will be no instances of inadvertent non-compliances with statutory requirements, or the company will not receive observations and/or notices from the regulatory authorities for such discrepancies.
- The company has not incurred the required portion of the expenditure towards corporate social responsibility requirements under the Companies Act, 2013 in Fiscal 2023. Its may be subject to imposition of notices or penalties under the Companies Act, 2013 from the Ministry of Corporates Affairs, Government of India for non-compliance in relation to its CSR expenditure, which could adversely affect its reputation and business.
- Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on its financial condition.
- The company is exposed to risks in relation to the supply of its products, particularly through third party transportation. A failures to deliver its products to the company customers in an efficient and reliable manner could have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company does not manufacture the medical equipment that the company offer as part of its project engineering services. Any defect or non-compliance with quality standards in connection with such medical equipment could adversely affect its business, results of operations, cash flows and financial condition.
- Its historical delisting from the Calcutta Stock Exchange may affect investor confidence and the trading price of its Equity Shares.
- Its business is capital intensive, requiring significant working capital and capital expenditure, which may necessitate incurring indebtedness which may adversely affect its cash flows and profitability.
- Its may not be successful in implementing the company growth strategies. Its inability to grow the company operations or execute such strategies could adversely affect its business, results of operations, cash flows and financial condition.
- Its insurance cover may not be adequate or the company may incur uninsured losses or losses in excess of its insurance coverage which could adversely affect its business, results of operations, cash flows and financial condition.
- Its increased operational capacity has not proportionately translated into higher revenue and profit margins, and any such inability of the Company to convert increased capacity to proportionate increase in revenues and margin may adversely affect its financial performance.
- Information relating to the installed manufacturing capacity and capacity utilisation of its facilities included in this Red Herring Prospectus are based on various assumptions and estimates. These assumptions and estimates may prove to be inaccurate and its future production and capacity may vary.
- Its business is particularly dependent on the sale of oxygen and nitrogen, which are in turn used in various end-use industries. Any reduction in demand for these gases could adversely affect its business, results of operations, cash flows and financial condition.
- The high capital expenditure required for customers to switch vendors acts as a barrier to attracting new customers.
- The company is subject to stringent environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations to its manufacturing operations may adversely affect its business, results of operations, cash flows and financial condition.
- Any disruption to the steady and regular supply of workforce for its operations could adversely affect the company business, results of operations, cash flows and financial condition.
- The company is subject to several labour legislations and regulations governing welfare, benefits and training of its employees. Any increase in wage and training costs could adversely affect its business, results of operations, cash flows and financial condition.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business and financial condition. In addition, certain of the company financing agreements involve variable interest rates and an increase in interest rates may adversely affect its business, results of operations, cash flows and financial condition.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business and financial condition. In addition, certain of the company financing agreements involve variable interest rates and an increase in interest rates may adversely affect its business, results of operations, cash flows and financial condition.
- Its auditors have included certain observations in their audit report for Fiscal 2025 and Fiscal 2024 in relation to `Other Legal and Regulatory requirements. The company cannot assure you that its auditors will not include any such observations or adverse remarks in their audit reports.
- Technology failures could disrupt its operations and adversely affect its business operations and financial performance.
- Its ability to access capital at attractive costs depends on the company credit ratings. Non-availability of credit ratings or a poor rating may restrict its access to capital and thereby adversely affect its business, results of operations, cash flows and financial condition.
- Any delays in the schedule of implementation of its proposed objects could have an adverse impact on its business, financial condition and results of operations.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by F&S exclusively commissioned and paid for by it for such purpose.
- The company is dependent on a number of key personnel, including certain of its Directors, its Key Managerial Personnel and the company Senior Management Personnel, and the loss of or its inability to attract or retain such persons could adversely affect its business, results of operations, cash flows and financial condition.
- Many of its Independent Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- The company faces competition that may result in a loss of its market share and/or a decline in the company profitability.
- Its intellectual property rights may be difficult to enforce and protect, which could enable others to copy or use aspects of its technology without compensating it, thereby eroding its competitive advantages. Further, certain trademarks and logo are owned by its Promoter and have been licensed to it instead of an outright sale which may not be in the interest of the shareholders of the Company, including potential investors.
- Failures in internal control systems could cause operational errors which may have an adverse impact on its profitability.
- A portion of its Registered and Corporate Office is located on leased premises. The company cannot assure you that the lease deeds governing this, or its other premises, will be renewed upon termination or that the company will be able to obtain other premises on same or similar commercial terms.
- Negative publicity against it, the company Promoters, Promoter group, its customers or any of the company or their affiliates could cause it reputational harm and could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Pricing pressure from customers may affect its gross margin, profitability and ability to increase its prices, which in turn may adversely affect its business, results of operations, cash flows and financial condition.
- Its may be subject to fraud, theft, employee negligence or similar incidents which may adversely affect its business, results of operations, cash flows and financial condition.
- Failures to maintain confidential information of its customers could adversely affect its business, results of operations, cash flows and financial condition or damage its reputation.
- The use of the Straight Line Method for calculating depreciation and amortization may not accurately reflect the actual decline in value of its assets, potentially leading to misrepresentation of financial statements and inaccurate asset valuation.
- Its may enter into necessary or desirable strategic acquisitions, or make acquisitions, or investments to grow its business. Any failures to achieve the anticipated benefits from these strategic acquisitions, or investments with its existing business, could adversely affect the company.
- Its Promoters have provided guarantees in connection with the company borrowings. Its business, results of operations, cash flows and financial condition may be adversely affected by the revocation of all or any of the guarantees provided by its Promoters in connection with the company borrowings.
- Its Promoters have provided guarantees in connection with the company borrowings. Its business, results of operations, cash flows and financial condition may be adversely affected by the revocation of all or any of the guarantees provided by its Promoters in connection with the company borrowings.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The average cost of acquisition of Equity Shares by the Promoter Selling Shareholders could be lower than the floor price of the Price Band.
- The Company will not receive any proceeds from the Offer for Sale.
- Its ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.
- The Company has availed certain unsecured loans which may be recalled by lenders.
- The Company has availed certain unsecured loans which may be recalled by lenders.
- Its Promoters, certain of the company Directors, senior management and Key Managerial Personnel are interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Its Promoters, Directors, Key Managerial Personnel and other key executives of the Company may enter into ventures that may lead to real or potential conflicts of interest with its business. Further, conflicts of interest may arise out of common business objects between the Company and Group Companies.
- The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its business, results of operations, cash flows and financial condition.
- The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Equity Shares on listing.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian industrial gases industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Significant differences exist between Ind AS used to prepare its financial information and other accounting principles, such as U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of its financial condition.
- Its customers may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
- Its customers may engage in transactions in or with countries or persons that are subject to United States and other sanctions.
The Issue type of Ellenbarrie Industrial Gases Ltd is Book Building.
The minimum application for shares of Ellenbarrie Industrial Gases Ltd is 37.
The total shares issue of Ellenbarrie Industrial Gases Ltd is 21313130.
Initial public offer of up to 21,313,130 equity shares of face value of Rs. 2 each ("Equity Shares") of Ellenbarrie Industrial Gases Limited ("Company" or "Issuer") for cash at a price of Rs. 400 per equity share of face value of Rs. 2 each (including a share premium of Rs. 398 per equity share) ("Offer Price") aggregating up to Rs. 852.53 crores comprising a fresh issue of up to 10,000,000 equity shares of face value of Rs. 2 each aggregating up to Rs. 400.00 crores by the company ("Fresh Issue") and an offer for sale of up to 11,313,130 equity shares of face value of Rs. 2 each aggregating up to Rs. 452.53 crores ("Offered Shares") by the promoter selling shareholders, ("Offer for Sale", together with the fresh issue, the "Offer").
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