Ellenbarrie Industrial Gases has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.44 crore equity shares by promoter shareholders.
The company plans to use the net proceeds from the fresh issue as follows: Rs 176.8 crore for the repayment or prepayment, in full or in part, of certain outstanding borrowings; Rs 130 crore for setting up a 220 TPD air separation unit at its Uluberia-II plant; and for general corporate purposes.
Ellenbarrie Industrial Gases manufactures and supplies industrial gases, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries.
