With two major IPOs — Kalpataru Projects International and Ellenbarrie Industrial Gases — opening around the same time, investors are keen to know which public issue is a better investment bet in 2025. Here's a side-by-side analysis based on valuation, financials, GMP, and business potential.
🏗️ Kalpataru Projects IPO: Overview
Issue Size: ₹1,590 crore (Fresh Issue)
IPO Dates: Opens June 24, 2025
Price Band: ₹425–₹445 per share
GMP (Grey Market Premium): ₹75–₹80
Industry: Engineering & Infrastructure
Strengths:
Global EPC order book
Robust revenue visibility
High promoter credibility (Kalpataru Group)
Risk Factors:
High debt in past quarters
Global project execution risk
🧪 Ellenbarrie Industrial Gases IPO: Overview
Issue Size: ₹540 crore (Fresh + OFS)
IPO Dates: Opens June 25, 2025
Price Band: ₹165–₹175 per share
GMP: ₹30–₹35
Industry: Industrial & Medical Gases
Strengths:
Growing demand from healthcare, steel & pharma
Strategic client base across eastern India
Lean operations and improved margins
Risk Factors:
Regional concentration risk
Higher dependence on cyclical sectors
💹 Financial Comparison
| Metric | Kalpataru Projects | Ellenbarrie Gases |
|---|---|---|
| FY24 Revenue | ₹14,000+ crore | ₹650 crore |
| EBITDA Margin | 11.2% | 18.7% |
| Net Profit FY24 | ₹720 crore | ₹78 crore |
| Debt-to-Equity | 0.9x | 0.4x |
| ROE | 18.5% | 13.2% |
Kalpataru offers higher scale and global exposure, while Ellenbarrie presents a niche, margin-rich, defensive play.
💡 Which IPO Should You Invest In?
Kalpataru Projects is ideal for:
Long-term investors seeking growth in infrastructure
Those willing to ride out short-term volatility
Ellenbarrie Industrial Gases is ideal for:
Conservative investors focused on steady margin expansion
Healthcare and industrial gas sector believers
Both IPOs are attractively priced, but your decision depends on risk appetite and investment horizon.
❓ FAQ Section
Q1: Which IPO has a better GMP – Kalpataru or Ellenbarrie?
A: Kalpataru’s GMP is currently higher at ₹75–₹80, while Ellenbarrie’s is ₹30–₹35. This indicates stronger grey market interest in Kalpataru.
Q2: Is Kalpataru IPO better for long-term gains?
A: Yes, given its infrastructure scale and strong global order book, Kalpataru has better long-term upside potential.
Q3: What makes Ellenbarrie a safer IPO bet?
A: Ellenbarrie operates in a niche, essential sector (industrial & medical gases), offering more predictable margins and lower debt.
Q4: Are both IPOs backed by strong fundamentals?
A: Yes, both companies have solid financials and growth visibility, but they differ significantly in scale, industry, and risk profile.
Q5: Can I apply to both IPOs?
A: Yes, investors can apply for both IPOs through their demat accounts if they meet eligibility criteria.
Q6: Which IPO suits first-time investors better?
A: Ellenbarrie may suit conservative or first-time IPO investors due to its lower price band and defensive sector focus.
Follow us on social media: Facebook || Linkedin || Instagram
Reported by Benny on June 24, 2025.
🛡 Powered by Vizzve Financial
RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed