Inox Air Products Files Draft Papers With Sebi, Plans Rs 10,000–11,000 Crore Initial Public Offering

Mumbai: Inox Air Products Ltd has submitted draft papers to the Securities and Exchange Board of India for an initial public offering. People familiar with the matter estimate the IPO size at Rs 10,000 to Rs 11,000 crore.

The industrial and medical gases producer filed its draft red herring prospectus on Wednesday. The proposed listing will allow certain shareholders to sell their holdings and bring the company’s shares to stock exchanges.

Inox Air Products IPO Structure

The public issue consists entirely of an offer for sale of up to 7.72 crore equity shares by promoters. There is no fresh issue component.

Selling shareholders include Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products, and Sitashri Trading and Finance.

All proceeds will go to these shareholders. Inox Air Products will receive no funds from the IPO, meaning the offer will not directly provide capital for business expansion.

Industrial And Medical Gases Business

Inox Air Products operates across industrial, medical, electronic and speciality gases. Its business includes facilities serving individual customers, bulk supplies, packaged gases and speciality products.

The company runs 28 liquid gas manufacturing locations, with production capacity of around 5,106 tonnes a day.

Its partnership with Air Products and Chemicals Inc dates to 1999, when the company acquired 50 per cent through its subsidiary Prodair Corporation.

Hydrogen Plants And Delivery Network

The company operates 739 cryogenic tankers. According to the draft papers, this fleet travelled around 39 million kilometres during FY26.

Inox Air Products also has seven hydrogen plants using steam methane reforming and two using electrolysis. It has entered green hydrogen and commissioned a project for a glass manufacturing customer.

Projects And IPO Managers

Since 2021, the company has completed more than 22 projects covering air separation units, liquid plants, nitrogen generators, hydrogen facilities and renewable power.

Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India are managing the IPO.

Published on: Thursday, October 01, 2026, 04:31 PM IST