Three companies made their debut on the Indian stock exchanges today. While Ellenbarrie Industrial Gases and Globe Civil Projects posted strong listing gains, Kalpataru Limited saw a flat open.

Kalpataru Ltd.KALPATARU₹429.70 +3.79%

Kalpataru Ltd. made a muted stock market debut with a 0.02% listing gain.

The ₹1,590 crore IPO was subscribed 2.48 times, with balanced participation from retail and institutional investors. Proceeds from the issue will go toward repaying borrowings and general corporate purposes.

The company benefits from brand recognition, a pipeline of large-scale developments, and deep market knowledge in key urban hubs. IPO proceeds are aimed at reducing debt, which could improve balance sheet strength going forward.

While regional concentration and execution timelines remain watchpoints, Kalpataru’s established track record, focus on green buildings, and rising demand in urban housing position it well for long-term growth.

Ellenbarrie Industrial Gases Ltd.ELLEN₹534.60 +33.65%

Ellenbarrie Industrial Gases Ltd. delivered a robust market debut with a 23.00% listing gain over its issue price. The ₹852.53 crore IPO was oversubscribed 22.18 times, driven by strong institutional demand. QIBs alone bid 35.92x their quota.

Founded in 1973, Ellenbarrie manufactures and supplies industrial and specialty gases for sectors like steel, pharmaceuticals, and glass. It also plans to expand into green hydrogen and ammonia production, with part of the IPO proceeds going toward setting up a new 220 TPD air separation unit in Uluberia, West Bengal.In FY25, the company reported a Net Profit of ₹83.29 crore, up 83.9% YoY, with EBITDA growing over 77%. While customer concentration and reliance on government contracts remain potential risks, the company’s long-standing client relationships and expansion plans make it a notable player in the industrial gases space.

Globe Civil Projects Ltd.GLOBECIVIL₹92.70 +30.56%

Globe Civil Projects Ltd. had the strongest showing of the day, listing at ₹91.10, a 28.31% premium over the issue price. The ₹119 crore IPO saw a massive 65.25x subscription, with HNI interest exceeding 120x.

Specializing in the construction of transport, logistics, and institutional infrastructure, the company has completed 37 projects to date and has 12 ongoing. Its FY24 revenue rose to ₹332.2 crore, with Net Profit surging 217% YoY to ₹15.38 crore.

The company’s growing order book, highlighted by a Book-to-Bill ratio of 2.95 in FY24, signals healthy revenue visibility. However, its project-based revenue model and raw material dependencies pose typical EPC-sector challenges.

Note: The stock prices mentioned are as of 12:00 PM.

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