Q1. What is the business of Punjab Carbonic Limited ?

Integrated carbon capture, CO₂ recovery, dry ice & industrial gas solutions serving food, chemicals, ethanol and healthcare industries across India.

Q2. Why is the company raising funds via IPO?

To fund CO₂ recovery plants, expand ethanol subsidiary, strengthen logistics, repay borrowings, and support general corporate growth.

Q3. What is the size of the issue and where will it list?

The IPO includes a Fresh Issue of ~0.60 Cr Equity Share and an Offer for Sale (OFS) of ~0.35 Cr Equity Share. It will be listed on NSE and BSE platform.

Q4. What are the key risks to an investor?

Risks include high capital costs, raw material price volatility, heavy competition, and dependence on industrial demand cycles.

Q5. What are the potential upsides?

Upside includes fast-growing carbon capture demand, strong industrial client base, expansion in ethanol & green energy-linked business segments.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Punjab Carbonic Ltd

Upcoming

Punjab Carbonic Ltd

Market Cap

₹ 1150 – 1280 Cr

IPO Issue Size

95,00,000 Equity Shares

Expected Price by IPOCorner

₹ 395 – 439

IPO Score

*Score varies on actual price

Punjab Carbonic Limited is engaged in the manufacturing and supply of industrial gases such as high-purity CO₂ and dry ice, along with providing carbon capture and utilisation (CCU) solutions and CO₂ recovery systems for industries like food & beverages, chemicals, healthcare, and ethanol production.

Punjab Carbonic Limited was incorporated on 1992 & currently Mr. Davinder Singh Kohli serves as the Managing Director of the company.

Punjab Carbonic Limited filed its DRHP with SEBI on March 31, 2026. The IPO features a fresh issue of ~0.60 Cr Equity Shares and an Offer for Sale (OFS) of ~0.35 Cr Equity Shares.

It is a Integrated carbon capture & utilisation (CCU) solutions, manufacturing and supply of industrial CO₂, dry ice, and CO₂ recovery/refining systems for industries like food & beverages, ethanol, chemicals, and healthcare.

Subscription date to apply for Punjab Carbonic Limited is yet to be announced. Price band for the IPO is yet to be declared.

95,00,000 Equity Shares

Fresh Issue

60,00,000 Equity Shares

Offer for Sale

35,00,000 Equity Shares

Year	2025
Networth	₹ 30.49 Cr
Revenue	₹ 488.17 Cr
EBITDA	₹ 48.23 Cr
PAT	₹ 26.21 Cr
EBITDA Margin	9.88%
PAT Margin	9.88%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Capital Expenditure ( In Crores)	₹ 11.15 Cr
Working Capital requirements	₹ 20 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 110.4	₹ 136.5	₹ 488.2
PAT (₹ Cr)	₹ 7.3	₹ 6.3	₹ 26.2
Asset (₹ Cr)	₹ 145.2	₹ 287.4	₹ 312.8
Net Worth (₹ Cr)	₹ 12.2	₹ 19.4	₹ 30.5

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
17 July	₹ –	₹ –	₹ –
16-July	₹ –	₹ –	₹ –
15-July	₹ –	₹ –	₹ –
14-July	₹ –
13-July	₹ –

Pros

Strong exposure to industrial CO₂ and carbon capture (fast-growing ESG-linked sector).
Established B2B customer base across multiple core industries like FMCG, chemicals, and ethanol.
Long operating history with decades of experience in industrial gas manufacturing.
Benefit from rising demand for dry ice and CO₂ in food preservation and logistics.
Expansion potential in clean energy and carbon utilisation solutions.

Cons

Highly capital-intensive business with pressure on margins and expansion costs.
Raw material and energy price volatility can impact profitability significantly.
Limited brand visibility and no retail consumer business diversification.
strong competition from large industrial gas players in India and global firms.
IPO valuation and financial details are still uncertain at DRHP stage (limited clarity risk).

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Davinder Singh Kohli	39.37%
Amrit Paul Singh Kohli	34.93%
Inder Pal Kaur Kohli	9.05%
Jatinder Kaur Kohli	4.53%
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	55.37%
ROCE	19.44%
RoNW	76.87%

Lead / Book Running Lead Managers

Beeline Capital Advisors Private Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Punjab Carbonic Limited ?
Integrated carbon capture, CO₂ recovery, dry ice & industrial gas solutions serving food, chemicals, ethanol and healthcare industries across India.
Q2. Why is the company raising funds via IPO?
To fund CO₂ recovery plants, expand ethanol subsidiary, strengthen logistics, repay borrowings, and support general corporate growth.
Q3. What is the size of the issue and where will it list?
The IPO includes a Fresh Issue of ~0.60 Cr Equity Share and an Offer for Sale (OFS) of ~0.35 Cr Equity Share. It will be listed on NSE and BSE platform.
Q4. What are the key risks to an investor?
Risks include high capital costs, raw material price volatility, heavy competition, and dependence on industrial demand cycles.
Q5. What are the potential upsides?
Upside includes fast-growing carbon capture demand, strong industrial client base, expansion in ethanol & green energy-linked business segments.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.