Ellenbarrie Industrial Gases Limited has submitted the Monitoring Agency Report for the quarter ended December 31, 2025. This report, issued by CRISIL Ratings Limited, details the utilization of the gross proceeds from the company's Initial Public Offer (IPO). The IPO, which occurred from June 24 to June 26, 2025, raised ₹8,525.25 million (approximately ₹852.53 crore). The net proceeds of ₹3,704.51 million were allocated to three main objects: ₹2,100 million for repayment of outstanding borrowings, ₹1,045 million for setting up an air separation unit at the Uluberia-II plant, and ₹559.51 million for general corporate purposes (GCP), along with ₹295.49 million for issue-related expenses. As of December 31, 2025, the entire ₹2,100 million earmarked for debt repayment has been utilized. For the air separation unit, ₹446.85 million has been utilized, with ₹598.15 million remaining. Under GCP, ₹243.19 million has been utilized, leaving ₹316.32 million. A total of ₹114.71 million has been utilized for issue-related expenses, with ₹180.78 million unutilized. The report indicates no deviation from the objects disclosed in the Offer Document. Funds amounting to ₹310.28 million were transferred from the monitoring account to the current account for operational efficiency and utilization towards GCP and the air separation unit. The company also acquired an entity in Bengaluru as part of its strategic purposes under GCP.