Punjab Carbonic, one of the leading manufacturers of High-Purity Liquid CO₂ and Dry Ice, submitted its Draft Red Herring to market capital SEBI on March 31st, intending to raise funds via an Initial Public Offering (IPO).
As per the Draft papers, the IPO will include a fresh issue of 0.60 crore equity shares and an Offer-for-Sale of up to 0.35 crore equity shares with a face value of 10 each.
Major Promoters like Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli, and Inder Pal Kaur Kohli will be selling part of their shareholding via the OFS component.
Beeline Capital Advisors Private Limited is the book-running lead manager to the issue. KFin Technologies Limited is the registrar for the IPO.
The Equity shares of the issue are proposed to be listed on NSE Limited and BSE Limited.
Object to the issue
- The Net proceeds from the IPO will be used towards setting up 2 new CO2 recovery units at Nellore, Peddapuram, Andhra Pradesh, with an installed capacity of 120 MTPD and 90 MTPD.
- Some proceeds will be used to purchase CO2 transportation tankers to strengthen the existing logistic infrastructure for the CO2 vertical.
- The company will invest money in its subsidiary Pancarbo Greenfuels Pvt. Ltd. (PGPL), expand its ethanol plant in Punjab, and increase ethanol production capacity by 35 KLPD.
- The proceeds of the IPO towards the repayment/prepayment of existing borrowings taken by the company
- Lastly, towards general corporate purposes.
About Punjab Carbonic
Founded in 1992, Punjab Carbonic is a carbon capture and utilisation (“CCU”) and industrial gas solutions provider in India. It captures CO2 (carbon dioxide) and reuses/converts that CO2 into useful products like CO2 liquid and dry ice, and supplies them to various industries.
Along with CCU, the firm also offers industrial gases like CO2, oxygen, etc, to various industries. The firm is known to manufacture high-purity liquid CO2, meeting the International Society for Beverage Technologists (“ISBT”) standard. As of March 31, the firm operates 17 CO₂ recovery units (plants) across India.
The company has shown strong financial growth, with revenue rising from ₹136.53 crore in FY24 to ₹488.17 crore in FY25.
At the same time, PAT stood at ₹26.21 crore in FY25, from ₹6.35 crore in FY24. For more such updates and insights on IPO, please follow IPO Watch.
Punjab Carbonic IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Punjab Carbonic Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹111.44 | ₹102.18 | ₹7.28 |
| 2024 | ₹137.91 | ₹126.01 | ₹6.35 |
| 2025 | ₹490.30 | ₹458.10 | ₹26.21 |
| Sep 2025 | ₹281.62 | ₹251.79 | ₹26.19 |
Punjab Carbonic IPO Valuation – FY2025
Punjab Carbonic IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹10.21 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 76.87% |
| Net Asset Value (NAV): | ₹13.28 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Linde India Limited | 53.33 | 124.57 | 11.91% | 447.91 | 2,485.38 Cr. |
| Ellenbarrie Industrial Gases Limited | 6.36 | 35.08 | 17.71% | 35.91 | 312.48 Cr. |
| India Glycols Limited | 37.29 | 23.17 | 10.24% | 364.30 | 9,038.95 Cr. |
