Ellenbarrie Industrial Gases IPO Surges 23% Upon Listing

Ellenbarrie Industrial Gases Ltd's IPO opened with a 23% premium on the BSE. The stock, initially priced at Rs 400, hit Rs 541.20. The IPO, combining a fresh issue and offer-for-sale, was subscribed 22.19 times. Funds will clear debts, build an air separation unit, and cover corporate expenses.

Shares of Ellenbarrie Industrial Gases Ltd experienced a favorable debut on Tuesday, listing with a significant 23 percent premium to the issue price of Rs 400.

Initial trading saw the stock price jump to Rs 492 on the BSE, eventually climbing to Rs 541.20, marking a 35.3 percent increase. Meanwhile, on the NSE, it opened at Rs 486, reflecting a 21.5 percent increase from the issue price.

The company's market valuation reached Rs 7,603.48 crore, after a successful Rs 852-crore initial public offer. This IPO attracted a substantial 22.19 times subscription, featuring a fresh issue of Rs 400 crore worth of shares and an offer-for-sale of 1.13 crore shares, aimed at reducing debts and expanding operations.

(With inputs from agencies.)