Ellenbarrie Industrial Gases initial public offer (IPO) garnered 22.19 times subscription on day 3 of the share sale on Thursday. The Rs 852-crore IPO received bids for 33.52 crore shares against 1.51 core shares on offer, according to data available with the NSE.
The category for non-institutional investors received 15.21 times subscription, while retail individual investors (RIIs) quota subscribed 2.14 times. Earlier, the company raised Rs 256 crore from anchor investors.
Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate purposes. The price band has been fixed at Rs 380-400 per share for the issue.
Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries.
Ellenbarrie Industrial Gases IPO GMP
According to market observers tracking the grey market activities, the shares of the company are commanding a GMP of about 6 percent in the unregulated market.
The shares will be listed on the BSE and NSE on July 1, while the listing is expected on June 27.
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