Market Debuts: Ellenbarrie Industrial Lists at 23% Premium, Kalpataru Off to Quiet Start

Kicking off a busy week for stock market listings, shares of Ellenbarrie Industrial Gases made a robust debut on July 1, listing at a 23% premium over its IPO price. In contrast, Kalpataru Projects International saw a far more muted listing, with shares debuting at par with the issue price.

Ellenbarrie opened at ₹492 on the BSE, well above the issue price of ₹400. On the NSE, it listed at ₹486. Before listing, the stock was expected to list with a premium of around ₹57, as it commanded in the grey market, but it surprised with a much stronger, ₹92 jump.

Kalpataru’s shares listed at ₹414 on the NSE, matching its issue price. That said, market expectations around the debut weren’t robust to begin with. Grey market trends before the listing showed the stock trading at a premium of just 1.5%, building hopes of a rather muted listing.

Kalpataru’s ₹1,590 crore IPO saw a moderate subscription of 2.26 times. The qualified institutional buyer (QIB) segment was subscribed 3.12 times, while non-institutional investors (NIIs) and retail investors saw lower interest, subscribing 1.31 and 1.15 times respectively. The employee quota saw 1.29 times subscription.

The offer comprised a fresh issue of up to ₹1,590 crore, with the entire proceeds going to the company. Around ₹1,193 crore from the raise is earmarked for debt reduction, as the realty developer looks to pare down its total debt, which stood at ₹10,186.6 crore as of April 2025. The shares were offered in a price band of ₹387 to ₹414 per share.

Ellenbarrie, on the other hand, enjoyed strong investor appetite. Its ₹852.53 crore IPO was subscribed over 22 times during its three-day bidding window. The issue attracted 33.52 crore bids for 1.51 crore shares on offer, as per NSE data. The non-institutional investor category was subscribed 15 times, while retail investors booked their quota more than twice.

The IPO consisted of a fresh issue worth ₹400 crore and an offer-for-sale of 1.13 crore shares, valued at ₹452.53 crore. Ellenbarrie, which manufactures industrial, medical, and speciality gases, had set its IPO price band at ₹380–400 per share.

While Kalpataru’s listing was largely in line with cautious forecasts, Ellenbarrie’s strong start has set an upbeat tone for the week’s upcoming market debuts. On the radar next is the mega listing of HDFC Bank’s non-bank finance arm, HDB Financials, set to hit the markets tomorrow, July 2.