- Inox Air Products filed for an IPO with an offer for sale of 77.2 million shares by existing investors
- The company will not raise fresh capital; proceeds from share sales go to current shareholders
- Inox Air Products operates 57 locations and has a merchant liquid gas capacity of 5,106 tonnes per day
Inox Air Products, an Indian producer of industrial and medical gases, has filed papers for a proposed IPO that will allow existing shareholders to sell part of their holdings, according to a report.
The offering will consist entirely of an offer for sale of up to 77.2mn shares by existing investors, including Prodair Corp, a subsidiary of US industrial gases group Air Products and Chemicals, and Inox Chemicals, Reuters reported, citing the company's draft filing.
Inox Air Products will not raise fresh capital through the listing, with all proceeds from the share sale going to the existing shareholders. Reuters reported earlier this year that Inox Air Products, the industrial-gases joint venture between Air Products and India's Inox Group, was preparing for a stock market debut that could raise about $1 billion.
The IPO filing comes as activity in India's primary market gains momentum following a relatively subdued start to the year. Several companies have moved ahead with plans to tap public markets as investor appetite for new listings strengthens.
ALSO READ : Pre-MDR Jitters? UPI Transaction Volume Dips Nearly 2% In September
Inox Air Products is engaged in the manufacture and supply of industrial and medical gases. The company had 57 operating locations across India as of March 2026, while its merchant liquid gas capacity stood at 5,106 tonnes per day.
The company operates in a market that includes listed peers such as Linde India and Ellenbarrie Industrial Gases. Linde India, the country's largest listed industrial gases company, has a market capitalisation of about $5.6 billion, according to Reuters. Ellenbarrie Industrial Gases was listed last year.
India's industrial gases market was valued at around $11 billion in 2023 and is projected to reach $21 billion by 2030, according to market research firm Grand View Research, Reuters reported.
Inox Air Products reported an approximately 4% increase in profit to Rs 9.14 billion for the financial year ended March 31, while revenue climbed nearly 9% to Rs 30.34 billion. Kotak Mahindra Capital, Citigroup, ICICI Securities and JPMorgan have been appointed as the book-running lead managers for the IPO.
ALSO READ: Infosys, Wipro ADRs Spike Over 5% Pre-Market As Solid Accenture Earnings Boosts IT Outlook
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.