The initial share sale window of three public issues with a total issue size of 2,561.53 crore opened on June 24, 2025. Investors can apply to the IPOs until Thursday, June 26, 2025. What should investors do with these different sector firms’ issues, including real estate and infrastructure? Should you subscribe to them or not? Learn here what analysts are recommending.

First of all, have a look at the public issues details of:

• Kalpataru IPO
• Ellenbarrie Industrial Gases IPO
• Globe Civil Projects IPO

Kalpataru IPO Details: Price band, issue size, more

Mumbai-based Kalpataru Group, a global conglomerate with operations in 75 countries, has launched its initial public offering (IPO) to raise Rs 1,590 crore through a fresh issue of equity shares. The IPO will be open from June 24 to June 26.

Kalpataru offers EPC contracting, civil infrastructure, logistics, and facility management and completed 120 projects covering 25.87 million sq. ft. in cities like Pune, Hyderabad, Bengaluru, and Indore so far.

Kalpataru IPO Details

• Price Band: Rs 387 – Rs 414 per share
• Lot Size: 36 shares with minimum investment of Rs 14,904 (at upper band)
• Use of funds: Proceeds from the IPO will mainly go towards repaying debt, helping to improve the company’s financial position. As of December 31, 2024, Kalpataru had total assets of Rs 15,562 crore.
• Financial performance: The company reported revenue of Rs 1,625 crore and a net profit of Rs 8.6 crore for the first nine months of FY25. However, it posted a net loss of Rs 113.81 crore in FY24, which was an improvement from a Rs 226.79 crore loss in FY23.

Kalpataru IPO important dates

• IPO Close: June 26, 2025
• Allotment Date: June 27, 2025
• Refunds/Shares Credit: June 30, 2025
• Listing Date: July 1, 2025 (on BSE & NSE)

Who are BRLMs & registrar?

ICICI Securities, JM Financial, and Nomura Financial Advisory are managing the issue, while MUFG (Link Intime India) appointed as the registrar.

Globe Civil Projects IPO

Globe Civil Projects Limited, an EPC (engineering, procurement, and construction) firm founded in 2002 has launched its IPO to raise Rs 119 crore through a fresh issue of shares. The funds will be used for working capital, equipment and machinery purchases, and general corporate purposes.

The company has completed infrastructure projects in 11 Indian states, covering sectors like transport, logistics, commercial buildings, and office spaces.

Globe Civil Projects IPO Details

• Price Band: Rs 67 – Rs 71 per share
• Lot Size: 211 shares
• Minimum Investment (Retail): Rs 14,981 (at upper band)

Globe Civil Projects IPO closing, allotment, listing dates

• Close Date: June 26, 2025
• Allotment Date: June 27, 2025
• Listing Date: July 1, 2025 (on BSE & NSE)

Globe Civil Projects IPO BRMLs and registrar details?

Book Running Lead Manager (BRLM): Mefcom Capital Markets
Registrar: Kfin Technologies

Ellenbarrie Industrial Gases IPO

Ellenbarrie Industrial Gases manufactures and supplies industrial gases like dry ice, synthetic air, fire-fighting gases, medical oxygen, LPG, welding mixtures, and specialty gases. Its products serve diverse industries across India.

The company has launched the IPO aimed at raising Rs 852.53 crore through a mix of a fresh issue and offer for sale (OFS).

Ellenbarrie Industrial Gases IPO Details

• Total Issue Size: Rs 852.53 crore
• Fresh Issue: Rs 400 crore
• Offer for Sale: Rs 452.53 crore (1.13 crore shares by promoters)
• Price Band: Rs 380 – Rs 400 per share
• Lot Size: 37 shares
• Minimum Investment (Retail): Rs 14,800 (at upper band)
• Use of Proceeds (Fresh Issue Portion): Rs 210 crore for debt repayment, Rs 104.50 crore for new air separation unit at Uluberia-II (West Bengal)

Ellenbarrie Industrial Gases IPO closing, allotment, listing dates

• Close Date: June 26, 2025
• Allotment Date: June 27, 2025
• Listing Date: July 1, 2025 (on BSE & NSE)

Who manages Ellenbarrie Industrial Gases’ IPO?

• Book Running Lead Managers: Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial
• Registrar: KFin Technologies

Should you subscribe to Kalapatru, Ellenbarrie Industrial Gases & Globe Civil Projects IPOs?

Here is what analysts at SBI Securities, Canara Bank Securities, Bajaj Broking, and Anand Rathi have advised investors:

Brokerages on Kalapatru IPO

For the real estate developer firm — Kalapatru — analysts at two brokerages have a ‘neutral’ while one brokerage has given a ‘apply for long term’ rating 

SBI Securities and Canara Bank Securities have a ‘neutral’ rating on the real estate sector firm’s issues. 

“We maintain a neutral view on the company and would like to monitor the company’s pre-sales, cash flows and debt position post listing,” SBI Securities analysts said.

Similarly, another PSU brokerage said that we maintain a ‘neutral’ stance and recommend investors await upcoming quarterly results before taking a definitive investment call.

On the other side, Bajaj Broking has recommended to apply the Kalapatru public issue for the long-term horizon.

Brokerages on Ellenbarrie Industrial Gases

Analysts at these brokerages have suggested that investors apply for the IPO.

SBI Securities’ analysts have a ‘subscribe’ rating, citing that at the upper price band (Rs 400), the stock is likely to trade at 67.7x FY25 EPS post issue, which is at a discount to peer Linde India. “We recommend investors subscribe to the issue at the cut-off price,” the brokerage said.

Canara Bank Securities also suggests subscribing to the IPO with a perspective of long-term gains. According to the brokerage, the IPO is attractively valued at 63x FY25 earnings at the upper price band, especially when bench- marked against its sole listed peer trading at 126x PE.

“The company has right levers in place and has the potential to grow in the long term,” Canara Bank Securities’ analysts stated.

Similarly, Bajaj Broking has also suggests subscribe the IPO with a medium to long-term investment horizon.

Anand Rathi brokerage has believes that the company’s legacy and long-standing customer relationships offering in diversified industries could lead EGIL growth over long term.

“However, the company might witness revenue volatility as its 1/3rd of its revenue comes from government or public sector,” according to analysts at Anand Rathi brokerage.

According to the brokerage, the issue is aggressively priced but with planned debt reduction and capacity addition the company could perform well over long run. Due to this, Anand Rathi brokerage has a ‘subscribe for long term’ rating.

Brokerages on Globe Civil IPO

SBI Securities has a ‘neutral’ rating on the IPO, citing that investors should closely monitor the company’s financial performance post-listing. The brokerage said that the company’s debt-to-equity ratio of 1.4x as of December 2024 is relatively high compared to peers, and its small scale of operations could pose risks if any project faces delays or disruptions.

Bajaj Broking has advised investors to apply the IPO for a long-term perspective, citing that the issue is fully priced.

Canara Bank Securities has a ‘neutral’ rating on the infra company’s IPO. However, the brokerage said that investors with a long-term investment horizon can consider the opportunity based on individual analysis.

(Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.)