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regular-article-logo Friday, 22 November 2024

Calcutta-based Ellenbarrie Industrial Gases files draft prospectus with Sebi for its IPO

The company is looking to raise Rs 400 crore through fresh issue of shares while promoters will offer 1.44 crore shares in the public offer

A Staff Reporter Calcutta Published 20.09.24, 10:49 AM
Representational image

Representational image File image

City-based Ellenbarrie Industrial Gases Ltd, one of the oldest operating industrial gases company in the country, has filed a draft prospectus with Sebi for its initial public offer.

The company is looking to raise 400 crore through fresh issue of shares while promoters will offer 1.44 crore shares in the public offer. The offer for sale includes sale of up to 72 lakh equity shares each by promoters Padam Kumar Agarwala and Varun Agarwal. The company may consider raising up to 80 crore in a pre-IPO placement, which will reduce the fresh issue size.

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As of March 31, the company operates eight facilities across east, south and central India, of which four facilities are located in Bengal, two in Andhra Pradesh, one on Telangana and one in Chhattisgarh. It manufactures and supplies industrial gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, fire fighting gases, medical oxygen and other specialty gases.

The proceeds would be used for capacity expansion, debt repayment and general corporate purposes. The company is setting up a 220 tonnes per day air separation unit at Uluberia at an estimated cost of 190.38 crore. Of the net proceeds from the issue, 130 crore would be used for the expansion spread over FY25 and FY26.

As of March 31, outstanding borrowing was at 176.89 crore. “Our company intends to use 176.89 crore towards repayment/prepayment of all or a portion of certain outstanding borrowings availed by our company and the accrued interest thereon,” the company said in its draft prospectus.

Revenue from operations increased 31 per cent to 269.4 crore in FY24 from 205.1 crore in FY23. Profit in FY24 was 45.2 crore, up 61 per cent from 28.1 crore in FY23.

The company’s client base includes Vizag Steel, Dr Reddy’s, Jupiter Wagons, AIIMS, Hindustan Shipyard, Indian Armed Forces and West Bengal Power Development Corporation among others.

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