Punjab Carbonic Files DRHP With SEBI To Fund CO2 Recovery, Ethanol Operations

Punjab Carbonic Limited, a full-fledged carbon capture and utilisation (CCU) and industrial gases company, has filed its Draft Red Herring Prospectus (DRHP) as of 31 March 2026, with the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange Limited, and National Stock Exchange of India Limited.

For the proposed initial public offering (IPO), Punjab Carbonic is offering up to 95,00,000 equity shares of face value ₹10 each, of which:

• Fresh Issue: 60,00,000 shares

• Offer for Sale (OFS): 35,00,000 shares

This company, having been operational for more than three decades now, deals in the manufacturing, recovery, supply, and distribution of liquid carbon dioxide (CO2) and dry ice. The core philosophy of the company lies in converting the inevitable fermentation-generated CO2 emissions into commercially valuable products.

Punjab Carbonic’s Financial Performance

The company reported strong financial results for FY24-25. Key figures include:

• Consolidated revenue from operations: ₹488 crores

• EBITDA: ₹48 crores

• PAT: ₹26 crores

These numbers highlight improved profitability, disciplined cost management, and a solid foundation for sustained future expansion and reinforce business resilience across markets.

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Why Is Punjab Carbonic Raising Funds?

The company intends to utilise the net proceeds from the issue toward three major uses.

The first one is the setting up of two carbon dioxide recovery units based in Nellore, Andhra Pradesh and Peddapuram, Andhra Pradesh, with a capacity of 120 metric tons per day (MTPD) and 90 MTPD, respectively.

The second one is in order to cater to its capital expenditure needs for the purchase of CO2 transport tanks for improvement of its logistics support system in the CO2 segment, while the third is towards its investments in its material subsidiary – Pancarbo Greenfuels Private Limited.

The company also plans to utilise the proceeds for financing capital expenditure toward the expansion of its existing ethanol distillery at Village Lehri, Punjab, by adding 35 KLPD of ethanol manufacturing capacity. Additional funds will be directed toward the repayment or prepayment, in full or in part, of certain outstanding borrowings, as well as general corporate purposes.

Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager to the offer, while KFin Technologies Limited will serve as the Registrar.

Sources:

Mint

Hindu Business Line

The Wire