The public issue comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of 1.13 crore equity shares. The company has already raised Rs 256 crore from anchor investors ahead of the offering.
The price band is fixed at Rs 380–400 per share with a minimum lot size of 37 shares. The listing is proposed on both NSE and BSE.
Founded over five decades ago, EIGL manufactures and supplies a wide range of industrial gases such as oxygen, nitrogen, argon, and acetylene, along with specialty gases, medical gases, and cryogenic storage systems. It operates nine facilities across East, South, and Central India, servicing industries like steel, pharmaceuticals, defence, healthcare, and railways.
The IPO proceeds will be used to repay debt (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. With plans to commission three new plants by FY26, EIGL expects to boost its total installed capacity from 3,861 TPD to 4,551 TPD.
The company reported a 26.7% PAT margin in FY25 with net profit of Rs 83.3 crore, EBITDA margin of 35.8%, and return on equity of 16.9%. At the upper end of the price band, the stock is valued at 62.9x FY25 earnings.
Should you subscribe?
SBI Securities has rated the IPO as Subscribe citing EIGL’s improving margin profile, strong client base, strategic capacity expansion, and attractive valuation compared to listed peers like Linde India.KFin Technologies is the registrar, while Motilal Oswal, JM Financial, and IIFL Capital are the book running lead managers.
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