Indian Gas Producer INOX Air Products Readies for $1 Billion Initial Public Offering, Selects Investment Banks

INOX Air Products Plans $1 Billion IPO in Mumbai

Indian industrial and medical gas maker INOX Air Products is planning to launch a $1 billion initial public offering in Mumbai, with Kotak, JPMorgan, and Citi appointed to manage the IPO. According to sources familiar with the matter, the company is a joint venture between American industrial gas maker Air Products and Chemicals and India's INOX Group.

INOX Air Products plans to file its draft prospectus with the Indian securities regulator within a month to seek approval for the IPO. The company operates nearly 50 locations across the country, producing over 4,200 tonnes per day of liquid gases and serving more than 1,800 customers across 18 industries. Its revenue for the financial year ending March 2025 stood at $295 million.

India was the world's second-largest IPO market in 2025, according to LSEG data. However, sentiment towards IPOs has weakened this year amid conflict in the Middle East. Despite this, there are big-ticket IPOs in the offing, with Indian billionaire Mukesh Ambani's Jio Platforms and India's largest exchange National Stock Exchange expected to file for IPOs soon.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The Indian industrial gases market was worth $11 billion in 2023, but is set to rise to $21 billion by 2030, according to market research specialist Grand View Research. INOX Air Products provides products, technologies, and services to industries including the chemical, pharmaceutical, steel, and textiles.

Note: The table above only presents a comparison of the Indian industrial gases market. The market value of INOX Air Products is not available for comparison.