Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
Punjab Carbonic Ltd. has filed a Draft Red Herring Prospectus (DRHP) with SEBI on March 31, 2026 to raise funds through Initial Public Offer (IPO).
Punjab Carbonic Ltd. IPO is a Book Build Issue of 0.95 crore equity shares consisting of a fresh issue of upto 0.60 crore equity shares and an offer for sale (OFS) of upto 0.35 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. Beeline Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Punjab Carbonic IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 95,00,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 60,00,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 35,00,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 2,29,60,740 shares |
| Share Holding Post Issue | 2,89,60,740 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Tue, Mar 31, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
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.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 315.69 | 312.75 | 287.44 | 145.15 |
| Total Income | 281.62 | 490.30 | 137.91 | 111.44 |
| Profit After Tax | 26.19 | 26.21 | 6.35 | 7.28 |
| EBITDA | 37.25 | 48.23 | 17.36 | 12.97 |
| Total Borrowing | 156.59 | 168.98 | 161.06 | 77.41 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 |
| 2 | Funding capital expenditure requirements of the Company towards purchase of CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical | 11.15 |
| 3 | 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 |
| 4 | Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the Company | 8.50 |
| 5 | General Corporate Purposes | |
| Total | 79.93 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 32.74% | 55.37% |
| RoNW | 37.76% | 76.87% |
| EBITDA Margin | 13.33% | 9.88% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 99.47% |
Lead Manager Reports
Punjab Carbonic IPO is a main-board IPO of 95,00,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Punjab Carbonic IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Punjab Carbonic IPO using UPI as a payment gateway. Zerodha customers can apply in Punjab Carbonic IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Punjab Carbonic IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Punjab Carbonic IPO dates are not announced. Please check back again after some time.
Punjab Carbonic IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Punjab Carbonic IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Punjab Carbonic IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Punjab Carbonic IPO allotment status.
The Punjab Carbonic IPO listing date is not yet announced. The tentative date of listing is .
