INOX Air Products Eyes $1 Billion IPO; Appoints Kotak, JPMorgan and Citi

INOX Air Products operates in the industrial and medical gases segment, supplying to sectors such as steel, chemicals, pharmaceuticals and textiles. The company runs nearly 50 facilities across India. 

Its production capacity is over 4,200 tonnes per day of liquid gases. It serves more than 1,800 customers across 18 industries, indicating a diversified industrial presence. 

For the financial year ending March 2025, the company reported revenue of about $295 million, according to available data. 

IPO Plans 

The company is preparing an Initial Public Offering (IPO) in Mumbai to raise around $1 billion, as per Reuters report. Kotak, JPMorgan and Citi have been appointed as bankers for the proposed issue. 

It is expected to file its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) within the next month. The plans have not been formally disclosed. 

The reports cited suggest that the discussions are confidential and subject to change. 

Ownership Structure 

INOX Air Products is a joint venture between US-based Air Products and Chemicals and India’s INOX Group. The arrangement combines global technical inputs with domestic manufacturing and distribution. 

The company’s business is linked to industrial output and healthcare demand, which form its primary end-use segments. 

Industry Context 

India’s industrial gases market was valued at around $11 billion in 2023 and is projected to reach about $21 billion by 2030, according to Grand View Research. Growth is tied to manufacturing activity and infrastructure demand. 

India was the world’s second-largest IPO market in 2025, based on LSEG data. Activity has moderated in recent months amid geopolitical tensions in the Middle East. 

Broader IPO Pipeline 

Several large listings are expected to come to market. Jio Platforms and the National Stock Exchange are among companies preparing to file for public issues. 

Read More: XED Withdraws $12 Million GIFT City IPO Amid Global Turmoil! 

Conclusion 

The proposed offering comes amid a mixed backdrop for public listings. Progress on the issue will depend on regulatory approvals and market conditions closer to the launch. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.