Ellenbarrie Industrial Gases has filed for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 400 crore through a combination of a fresh issue of equity shares and an offer for sale (OFS) by promoters. The OFS includes the sale of 72 lakh equity shares each by promoters Padam Kumar Agarwala and Varun Agarwal. Proceeds from the fresh issue will be allocated towards debt repayment, setting up an air separation unit at the Uluberia-II plant in West Bengal, and other corporate purposes. The company, which has a legacy of 50 years and is one of India's largest industrial gas manufacturers, operates eight facilities across East and South India. In addition to the IPO, Ellenbarrie may raise up to Rs 80 crore through a pre-IPO placement if completed. The IPO will be managed by Motilal Oswal Investment Advisors Ltd., IIFL Securities Ltd., and JM Financial Ltd.