Punjab Carbonic Files Draft Red Herring Prospectus with SEBI for Public Issue

Punjab Carbonic Limited Files Draft Red Herring Prospectus for Initial Public Offering

Punjab Carbonic Limited, an integrated carbon capture & utilisation and industrial gas solutions company, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India, BSE Limited, and National Stock Exchange of India Limited on March 31, 2026. The proposed initial public offering will comprise up to 95,00,000 equity shares of face value of ₹10 each, consisting of a fresh issue of up to 60,00,000 equity shares and an offer for sale of up to 35,00,000 equity shares.

The company plans to use the issue proceeds towards the setting up of two CO₂ recovery units at Nellore, Andhra Pradesh, and Peddapuram, Andhra Pradesh, with installed capacities of 120 MTPD and 90 MTPD, respectively. Additionally, the funds will be used for funding capital expenditure requirements for the purchase of CO₂ transportation tankers to strengthen its existing logistics infrastructure for the CO₂ vertical, as well as investment in its material subsidiary, Pancarbo Greenfuels Private Limited.

The funds will also be utilized for financing the capital expenditure requirement towards the expansion of its existing ethanol distillery located at Village Lehri, Punjab, by increasing its ethanol manufacturing capacity by 35 KLPD. Furthermore, the company plans to use the funds for repayment and/or pre-payment, in full or in part, of certain outstanding borrowings, and general corporate purposes.

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

About Punjab Carbonic Limited

Punjab Carbonic Limited is engaged in the manufacturing, recovery, supply, and distribution of liquid carbon dioxide (CO₂) and dry ice. The company has over three decades of operating history and is backed by a business model that converts unavoidable fermentation-based CO₂ emissions into high-purity, commercially valuable products, thereby supporting a circular carbon economy.

The company currently operates its CO₂ recovery units (CRUs) through a combination of the build-own-operate (BOO) and asset-light models, with its pan-India distribution network supported by a self-owned fleet of 55 CO₂ transportation tankers. Punjab Carbonic Limited, along with its wholly owned subsidiary, Punjab Fusion Private Limited (PFPL), is engaged in the production, supply, and distribution of CO₂ and dry ice, as well as the supply and setting up of CO₂ recovery units within distilleries.

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Financial Metrics

Looking at the financial metrics, the company reported a consolidated revenue from operations of ₹48,817.39 lakh, EBITDA of ₹4,823.38 lakh, and PAT of ₹2,621.44 lakh for FY25. In H1FY26, the company reported revenue from operations of ₹27,939.52 lakh, EBITDA of ₹3,724.98 lakh, and PAT of ₹2,618.52 lakh.