Trilegal Advised On The INR 8,525 Million IPO Of Ellenbarrie Industrial Gases

Trilegal advised on the INR 8,525 million IPO of Ellenbarrie Industrial Gases

Trilegal advised on the initial public offering of equity shares (“IPO”) by Ellenbarrie Industrial Gases Limited (“Ellenbarrie”), comprising a fresh issue and an offer for sale by certain existing shareholders, aggregating to INR 8,525.25 million.

The IPO marks the listing of a pure-play industrial gases manufacturer with a strong footprint in East and South India, and the equity shares debuted on the stock exchanges at a ~23% premium.

Founded as one of India’s oldest operating industrial gases companies, Ellenbarrie manufactures and supplies a wide range of gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. The company holds market leadership in West Bengal, Andhra Pradesh, and Telangana.

The IPO proceeds will be used for the repayment of outstanding borrowings and to fund capital expenditure for setting up an air separation unit.

Trilegal advised a syndicate of book-running lead managers, comprising Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited, on the transaction.

The Trilegal Capital Markets Team was led by Richa Choudhary (Partner), and supported by Avanti Kale (Counsel), Maitreya Rajurkar (Counsel), Sanya Chaudhari (Senior Associate), Shivayana Balodia (Senior Associate), Siddhant Mishra (Associate), Yug Gambhir (Associate), and Kartikeya Anshu (Associate).

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