Latest News | Ellenbarrie Industrial Gases Plans IPO to Raise Rs 400cr in Fresh Issue and OFS
Get latest articles and stories on Latest News at LatestLY. Kolkata-based Ellenbarrie Industrial Gases is planning to launch an initial public offering (IPO) comprising a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.44 crore equity shares by promoter shareholders, an official said.
Kolkata, Sep 19 (PTI) Kolkata-based Ellenbarrie Industrial Gases is planning to launch an initial public offering (IPO) comprising a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.44 crore equity shares by promoter shareholders, an official said.
The company has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for approval.
In consultation with the book-running lead manager, Ellenbarrie may consider raising up to Rs 80 crore through a pre-IPO placement, which will be part of the overall Rs 400 crore fresh equity raising plan, according to filing documents.
The company plans to use the net proceeds from the fresh issue as follows: Rs 176.8 crore for the repayment or prepayment, in full or in part, of certain outstanding borrowings; Rs 130 crore for setting up a 220 TPD air separation unit at its Uluberia-II plant; and for general corporate purposes.
Ellenbarrie manufactures and supplies industrial gases, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries.
The company's revenue from operations grew by 31.38 per cent to Rs 269.4 crore in FY'24, up from Rs 205.1 crore in the previous year.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)