Mumbai, June 27 -- The initial public offer of Ellenbarrie Industrial Gases received bids for 33,52,83,825 shares as against 1,51,08,983 shares on offe. The issue was subscribed 22.19 times.

The issue opened for bidding on 24 June 2025 and it closed on 26 June 2025. The price band of the IPO is fixed between Rs 380 and 400 per share.

The company will use the issue proceeds to repay borrowings of Rs 210 crore, set up a 220 TPD air separation unit at its Uluberia-II plant (Rs 104.5 crore), and for general corporate purposes. The plant, costing Rs 187.60 crore, is expected to be completed by October 2025. Total borrowings stood at Rs 264.21 crore as of 30 April 2025.

Promoters Padam Kumar Agarwala and Varun Agarwala have offered 56,56,565...