Inox Air Products files IPO papers for 7.71-crore share offer-for-sale

Reports coming in for today mention that Industrial gas manufacturer Inox Air Products has approached the capital markets by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to mobilize funds through an initial public offering (IPO).

The IPO comprises entirely an offer-for-sale (OFS) of 7.71 crore equity shares, with no fresh offering component, according to the DRHP filed on September 30.

As a result, the entire net offering proceeds will accrue to the selling shareholders, and the firm will not receive any proceeds from the offer.

Promoters, including INOX Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance, will be the selling shareholders in the OFS.

Incorporated in April 1963, Inox Air Products is jointly owned by the INOX Group and US-headquartered global industrial gases firm Air Products Group. The firm claims to be India's largest industrial, medical, electronic and specialty gases firm by topline, with a 22.4% market share in FY26 and more than 3,000 customers.

The firm operates on-site, merchant, packaged and specialty gas supply facilities across 57 locations in 15 states and one union territory in India. It has an existing on-site gas capacity of 16,074 tonnes per day (TPD) and merchant liquid gas production capacity of 5,106 TPD. It additionally has the largest fleet of cryogenic tankers in India, comprising 739 tankers.

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On the financial front, Inox Air Products noted a earnings of Rs 913.9 crore for the year ended March 2026, up 3.7 percent from Rs 880.9 crore in the previous year.

Topline during the same period grew 8.8 percent to Rs 3,033.9 crore from Rs 2,789.8 crore, primarily due to an gain in sales of products and services, lease rental income and other operating topline, as stated by the firm's DRHP.

Kotak Mahindra Capital Firm, Citigroup Global Markets India, ICICI Securities and JP Morgan India have been appointed as the merchant bankers for managing the Inox Air Products IPO.