INOX Air Products Readies $1 Billion IPO, Taps Investment Banks
INOX Air Products to Launch $1 Billion IPO in Mumbai
Indian industrial and medical gas maker INOX Air Products is planning to launch a $1 billion initial public offering (IPO) in Mumbai. The company has appointed Kotak, JPMorgan, and Citi to manage the IPO. According to sources familiar with the matter, INOX Air Products is a joint venture between American industrial gas maker Air Products and Chemicals and India's INOX Group.
The company plans to file its draft prospectus with the Indian securities regulator to seek approval for the IPO within a month. INOX Air Products operates nearly 50 locations across the country, produces over 4,200 tonnes per day of liquid gases, and serves more than 1,800 customers across 18 industries. The company provides products, technologies, and services to industries including the chemical, pharmaceutical, steel, and textiles sectors.
INOX Air Products had revenue of $295 million for the financial year ending March 2025. The Indian industrial gases market was worth $11 billion in 2023, but this is set to rise to $21 billion by 2030, according to market research specialist Grand View Research.
Despite a weakening sentiment towards IPOs this year amid conflict in the Middle East, India remains an attractive market for big-ticket IPOs. Indian billionaire Mukesh Ambani's Jio Platforms and India's largest exchange, National Stock Exchange, are expected to file for IPOs soon. India was the world's second-largest IPO market in 2025, according to LSEG data.
| Company | Expected IPO |
|---|---|
| INOX Air Products | $1 billion |
| Jio Platforms | Upcoming |
| National Stock Exchange | Upcoming |
Note: The table above shows the expected IPO details for INOX Air Products, Jio Platforms, and National Stock Exchange.
INOX Air Products declined to comment on the matter, while JPMorgan, Citi, and Kotak also remained silent. Reuters is the first to report INOX Air Products' IPO plans in India.
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Investor Takeaway
INOX Air Products is planning a $1 billion IPO in Mumbai, with Kotak, JPMorgan, and Citi as lead managers.
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