Ellenbarrie Industrial Gases Limited (NSE:ELLEN) submitted its Monitoring Agency Report for the quarter ended June 30, 2026, to NSE on August 13, 2026. The report, issued by CRISIL Ratings Limited, confirms cumulative IPO proceeds utilisation of Rs 3,418.24 million out of a total fresh issue of Rs 4,000.00 million.
Key Highlights
- CRISIL Ratings Limited, acting as Monitoring Agency, confirmed no deviation from the objects disclosed in the Prospectus dated June 26, 2025.
- Cumulative utilisation of IPO proceeds stood at Rs 3,418.24 million at the end of the quarter ended June 30, 2026, leaving Rs 581.76 million unutilised.
- During Q1 FY27, the company utilised Rs 99.45 million toward stated objects, including plant set-up at the Uluberia-II facility and general corporate purposes.
- The Uluberia-II air separation unit project, budgeted at Rs 1,045.00 million, had cumulative spend of Rs 623.58 million, with Rs 421.42 million remaining to be deployed.
About the Company
Ellenbarrie Industrial Gases Limited (NSE:ELLEN), headquartered at 3A Ripon Street, Kolkata, West Bengal, operates in the industrial gases sector. The company produces and supplies industrial gases, with plant infrastructure including air separation units. Promoted by Varun Agarwal and Padam Kumar Agarwala, it completed its IPO in June 2025, listing on both NSE and BSE under scrip code 544421.
Announcement in Detail
The Monitoring Agency Report, referenced CRL/MAR/GDS5158/2026-27/1895 and dated August 12, 2026, was prepared by CRISIL Ratings Limited under Regulation 41(2) of the SEBI ICDR Regulations. The gross fresh issue proceeds were Rs 4,000.00 million, of which net proceeds after issue expenses of Rs 268.64 million amounted to Rs 3,731.36 million. Three primary objects were monitored: repayment of borrowings (Rs 2,100.00 million, fully utilised), setting up the Uluberia-II air separation unit of 220 TPD capacity (Rs 1,045.00 million budgeted), and general corporate purposes revised to Rs 586.36 million.
During the quarter ended June 30, 2026, the company transferred Rs 244.45 million from the monitoring account to its current account, of which Rs 99.45 million was applied toward stated objects and the remaining Rs 145.00 million was returned to the monitoring account. The report also notes that machines were procured from vendors different from those named in the Prospectus; however, the Prospectus explicitly permits such flexibility. An independent certificate from M/s V Khandelwal and Associates, dated August 05, 2026, supports the utilisation figures.
Impact on Investors
The filing shows that utilisation of IPO proceeds is proceeding in line with disclosed objects, with no deviation flagged by CRISIL Ratings Limited. Investors will note that Rs 581.76 million remains unutilised as of June 30, 2026, primarily attributable to ongoing construction at the Uluberia-II plant, where Rs 421.42 million of the allocated Rs 1,045.00 million is yet to be deployed.
Shareholders will observe that the general corporate purposes allocation was revised upward by Rs 26.85 million following savings on issue-related expenses in Q4 FY26, but the total amount for general corporate purposes remains within the SEBI-prescribed ceiling of 25% of gross fresh issue proceeds, which is Rs 1,000.00 million. The disclosed terms indicate no material change in the financing plan for the stated objects.
Sector / Market Context
India's industrial gases sector supports diverse end-use industries including steel, healthcare, chemicals, and electronics manufacturing. According to industry body data, domestic demand for industrial gases has been linked closely to capacity expansions in core manufacturing. SEBI's mandatory monitoring agency framework under Regulation 41 of the ICDR Regulations provides a structured oversight mechanism for IPO fund deployment, intended to protect public shareholders who participated in the offering.