Ellenbarrie deploys Rs 330.46 crore of net IPO proceeds by September 2026

Ellenbarrie Industrial Gases Limited had deployed Rs 330.46 crore of Rs 373.136 crore in net fresh IPO proceeds by September 30, 2026, leaving Rs 42.676 crore unutilised in fixed deposits. Ellenbarrie fully applied Rs 210 crore to specified borrowing repayment or prepayment and spent Rs 75.666 crore on Uluberia-II.

What was Ellenbarrie’s IPO proceeds utilisation at September 30, 2026?

Ellenbarrie had utilised Rs 330.46 crore, or about 88.6% of Rs 373.136 crore in net proceeds from the fresh issue, at September 30, 2026. The remaining Rs 42.676 crore was classified as other current financial assets and included fixed deposits of Rs 42.676 crore.

The fresh issue formed part of an initial public offer completed during the year ended March 31, 2026. The overall offer comprised 2,13,13,130 equity shares with a face value of Rs 2 each at an issue price of Rs 400 per share, aggregating Rs 852.525 crore, including a fresh issue of 1,00,00,000 shares and an offer for sale of 1,13,13,130 shares.

The Rs 373.136 crore net-proceeds figure reflects Rs 26.864 crore of issue expenses attributable to the fresh issue. Ellenbarrie allotted or transferred shares to eligible applicants on June 27, 2025, and its shares were listed on the National Stock Exchange of India Limited and BSE Limited on July 1, 2025.

How much IPO money did Ellenbarrie use to repay debt?

Ellenbarrie used the full Rs 210 crore allocated to repay or prepay certain outstanding borrowings by September 30, 2026. This was the only specified use category with no unutilised balance, compared with Rs 28.834 crore remaining for Uluberia-II and Rs 13.842 crore remaining for general corporate purposes.

Current borrowings stood at Rs 64.991 crore at September 30, 2026, down from Rs 120.695 crore at March 31, 2026. Non-current borrowings were Rs 73.558 crore at September 30, 2026, compared with Rs 59.418 crore six months earlier; these movements do not separately identify the facilities repaid with IPO proceeds.

For the six months ended September 30, 2026, Ellenbarrie recorded net repayment of current borrowings of Rs 67.291 crore and repayment of non-current borrowings of Rs 4.726 crore. It also recorded Rs 20.453 crore of proceeds from non-current borrowings during the period, while the IPO-use disclosure separately confirms the Rs 210 crore deployment.

How much has Ellenbarrie spent on the Uluberia-II unit?

Ellenbarrie had spent Rs 75.666 crore on setting up a 220 tonnes-per-day, or TPD, air-separation unit at its Uluberia-II plant by September 30, 2026. That represents about 72.4% of the Rs 104.5 crore allocation reported by the monitoring agency, leaving Rs 28.834 crore unutilised.

Air-separation units, or ASUs, are also covered by Ellenbarrie’s project-engineering segment, which designs, engineers, supplies, installs and commissions ASUs and related products. This segment reported revenue of Rs 3.593 crore for the six months ended September 30, 2026, compared with Rs 3.966 crore a year earlier, while its segment result moved to a loss of Rs 0.69 crore from a profit of Rs 0.641 crore.

The gases, related products and services segment was larger over the same six-month comparison. Its revenue rose to Rs 209.441 crore from Rs 168.837 crore and its segment result increased to Rs 80.064 crore from Rs 66.58 crore. The filing does not disclose a commissioning date, completion percentage or future revenue estimate for the 220 TPD Uluberia-II unit.

Why did Ellenbarrie’s general corporate-purpose allocation change?

Ellenbarrie’s monitoring agency amount for general corporate purposes was Rs 58.636 crore, Rs 2.685 crore above the Rs 55.951 crore proposed in the offer document. The total monitored amount of Rs 373.136 crore likewise exceeded the Rs 370.451 crore aggregate of proposed uses by Rs 2.685 crore.

Ellenbarrie had utilised Rs 44.794 crore for general corporate purposes by September 30, 2026, leaving Rs 13.842 crore. The filing reports the offer-document and monitoring-agency figures but does not state why the allocation changed or identify individual general corporate-purpose expenditures.

The Audit Committee reviewed the September 30, 2026 unaudited results, and the Board approved them on November 4, 2026. The statutory auditors carried out a limited review and expressed an unmodified conclusion on the results.

Where is Ellenbarrie’s unutilised IPO money held?

Ellenbarrie reported that its Rs 42.676 crore unutilised IPO balance was included in other current financial assets as fixed deposits at September 30, 2026. The disclosure therefore identifies the unused fresh-issue proceeds separately from the cash-and-cash-equivalents balance.

Cash and cash equivalents were Rs 0.266 crore at September 30, 2026, compared with Rs 1.225 crore at March 31, 2026. Other current financial assets were Rs 50.825 crore and bank balances other than cash and cash equivalents were Rs 0.465 crore at September 30, 2026.

The six-month cash-flow statement recorded Rs 23.078 crore of net redemption from bank deposits, Rs 27.042 crore of investments made and Rs 49.596 crore of investments redeemed. Those figures cover Ellenbarrie overall, whereas the IPO-use note specifically identifies Rs 42.676 crore in fixed deposits as the unutilised fresh-issue proceeds.

Conclusion

Ellenbarrie had applied Rs 330.46 crore of its Rs 373.136 crore net fresh-issue proceeds by September 30, 2026. Full use of the Rs 210 crore borrowing-repayment allocation was accompanied by Rs 75.666 crore of spending on the 220 TPD Uluberia-II ASU, while Rs 42.676 crore remained in fixed deposits.

The next disclosed matter to watch is the use of the Rs 28.834 crore remaining for Uluberia-II and Rs 13.842 crore remaining for general corporate purposes. Ellenbarrie has not disclosed a commissioning date or completion percentage for the Uluberia-II ASU in its September 30, 2026 filing.