Ellenbarrie Industrial Gases on Thursday said it has fixed a price band of Rs 380-400 per share for its Rs 852-crore initial share sale.

The company's maiden public issue will open for public subscription on June 24 and conclude on June 26, the company announced.

The initial public offer is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore, at the upper end of the price band, by promoters - Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 crore.

Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt; Rs 104.50 crore for setting up of an air separation unit at its Uluberia-II plant in West Bengal; and a portion will be used for general corporate purposes.

Ellenbarrie 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.

The company's revenue from operations increased 16 per cent to Rs 312.48 crore in FY2025 from Rs 269.48 crore in the preceding fiscal. Its profit after tax surged by 84 per cent to Rs 83.29 crore in the 2024-25 financial year against Rs 45.29 crore in the year-ago period.

The company announced that half of the offer size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors.

Further, investors can bid for a minimum of 37 shares and multiples thereof.

Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers, and KFin Technologies is the registrar of the issue.