Punjab Carbonic Ltd IPO
IPO Timeline
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | Not more than 50% of the Offer | — | — |
| NII (HNI) | — | Not less than 15% of the Offer | — | — |
| Retail | — | Not less than 35% of the Offer | — | — |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Minimum Investment (Lot-wise)
Lot size or price band not yet announced.
Financial Statements Amount in Rs Cr
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 282 | 490 | 138 |
| EBITDA | 37 | 48 | 17 |
| Profit After Tax | 26 | 26 | 6 |
| Total Assets | 316 | 313 | 287 |
| Total Borrowing | 157 | 169 | 161 |
Valuation & Key Ratios
Grey Market Premium (GMP)
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
- Setting up of two CO2 recovery units (“CRUs”) at Nellore, Andhra Pradesh and Peddapuram, Andhra Pradesh, having installed capacity of 120 MTPD and 90 MTPD, respectively (“Proposed CRUs”) – 19.66
- Funding capital expenditure requirements of the Company towards purchase of CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical – 11.15
- Investment in the Material subsidiary, Pancarbo Greenfuels Private Limited (“PGPL”), for financing the capital expenditure requirement towards expansion of its existing Ethanol Distillery located at Village Lehri, Punjab by increasing its ethanol manufacturing capacity by 35 KLPD – 40.61
- Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the Company – 8.50
- General Corporate Purposes –
Company Overview
Incorporated in 1992, Punjab Carbonic Limited is an integrated carbon capture and utilisation (CCU) and industrial gas solutions company engaged in the manufacturing, recovery, supply, and distribution of liquid carbon dioxide (CO₂) and dry ice.
The company converts fermentation-based CO₂ emissions into high-purity products meeting International Society for Beverage Technologists (ISBT) standards, supporting a circular carbon economy. It also undertakes the design, installation, and operation of CO₂ recovery units (CRUs) within distilleries, along with its subsidiary Punjab Fusion Private Limited.
As of March 31, 2025, the company has an installed capacity of 259,200 metric tonnes per annum and operates 17 CRUs across India under both build-own-operate and asset-light models. These operations are supported by a pan-India infrastructure network and a self-owned fleet of CO₂ transportation tankers.
The company serves a wide range of industries including food & beverages, chemicals, fertilizers, automobiles, healthcare, and aviation, with presence across North, South, West, and Central India, covering over 23 states and union territories. It has also supplied products in international markets such as Sri Lanka, Nepal, Zambia, and Morocco.
Additionally, through its subsidiary Pancarbo Greenfuels Private Limited, the company has entered ethanol manufacturing, producing and supplying fuel-grade ethanol.
As of September 30, 2025, the company had 273 employees.