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Ellenbarrie Industrial Gases IPO Subscribed 8% On Day 1: Check GMP, Price Band And More

The industrial gas manufacturer's initial public offering is a mix of fresh shares and promoter stake sale.

Neha Aravind

Ellenbarrie Industrial Gases initial public offering or IPO (Image: Canva stock)

Ellenbarrie Industrial Gases' initial public offering was subscribed 0.08 times or 8% on its first day of bidding on Tuesday.

The industrial gas manufacturer is looking to raise up to Rs 852.5 crore from the primary market. The IPO consists of a fresh issue worth Rs 400 crore and an offer for sale worth Rs 452.5 crore.

The mainboard IPO opened for subscription on Tuesday and will close on Thursday. Bids can be made for a minimum of 37 shares and in multiples thereafter.

Allotment of shares is proposed to be finalised on Friday. Successful bidders are expected to receive shares in their demat accounts on June 30, with refunds for non-allottees also initiated on the same day.

Ellenbarrie Industrial Gases' listing date is tentatively set for July 1 according to Chittorgarh. Shares of the company will be listed on both the NSE and BSE.

Price Band

The price band for the offer is set in the range of Rs 380 to Rs 400 per share. The company will issue a total of 2.13 crore shares, aggregating up to Rs 852.53 crore at a face value of Rs 2 each.

Also Read: Globe Civil Projects IPO Subscribed 6.97 Times On Day 1 — GMP Unchanged

Subscription Status: Day One

The IPO has been subscribed 0.08 times or 8%, as of 5 p.m. on Tuesday.

  • Qualified institutional buyers: Nil.

  • Non-institutional investors: 0.05 times or 5%.

  • Retail investors: 0.13 times or 13%.

Ellenbarrie Industrial Gases GMP

Ellenbarrie Industrial Gases is likely to deliver modest listing gains, based on the grey market premium. As of 3:53 p.m., the GMP stands at Rs 11, indicating a likely listing price of Rs 411 per share. The expected percentage gain on listing day is 2.75%, according to Chittorgarh's unit InvestorGain.

It should be noted that GMP, or grey market price, is not an official price quote for the stock and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.

Also Read: Mayasheel Ventures IPO, Day 1: Subscription Status, GMP, Listing Date And More

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WRITTEN BY
Neha Aravind
Neha Aravind is a desk writer at NDTV Profit, who covers business and marke... more
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