Industrial Gas Maker Inox Air Planning For Public Listing, Ropes In Kotak, JPMorgan, Citi To Manage IPO

Industrial gas manufacturer Inox Air Products is planning an initial public offering (IPO) of around $1 billion.

The company has appointed a consortium of investment banks to manage the proposed offering. The consortium includes Kotak Mahindra Capital, JPMorgan, and Citi, according to a report by Reuters.

The company is expected to file its draft red herring prospectus (DRHP) with the market regulator Sebi within the next month to seek approval for the listing.

Inox Air Products is a joint venture between US-based Air Products and Chemicals and India’s Inox Group. The company operates a wide network of nearly 50 locations across the country and caters to over 1,800 customers spanning industries such as chemicals, pharmaceuticals, steel, and textiles.

The firm produces more than 4,200 tonnes per day of liquid gases, positioning itself as a key player in India’s industrial and medical gases segment.

For the financial year ending March 2025, the company reported revenue of around $295 million.

The planned IPO comes at a time when global geopolitical tensions, particularly in West Asia, have dampened investor sentiment and slowed down primary market activity.

Despite this, India remained the second-largest IPO market globally in 2025, and several large listings are still in the pipeline.

Large companies such as Jio and NSE are also in the process of public listing.