Ellenbarrie Industrial Gases IPO Subscribed 22.19 Times On Day 3 — Check GMP

Ellenbarrie Industrial Gases' initial public offering was oversubscribed on the third day, with bids led by qualified institutional investors. The subscription stood at 22.19 times as of 6:06 p.m. on Thursday.

On Wednesday, which was the second day of the IPO, it was subscribed 0.11 times or 11%. On the first day, the subscription stood at 0.08 times or 8%.

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.