INOX Air Products filed its DRHP with SEBI for an IPO of up to 7.72 crore equity shares. This offer for sale means the company gets no money from the issue. Existing shareholders will sell their stakes in this firm, which held a 22.4% market share in fiscal 2026.
INOX Air Products Ltd, an integrated industrial, medical, electronic and specialty gases company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) comprising an offer for sale (OFS) of up to 7.72 crore equity shares.
The proposed IPO will see existing shareholders sell up to 77,156,663 equity shares of face value ₹1 each. The selling shareholders include Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products Private Ltd and Sitashri Trading and Finance Private Ltd. Since the issue comprises entirely an OFS, the company will not receive any proceeds from the proposed offering.
According to the CRISIL report cited in the DRHP, INOX Air Products had a 22.4% market share in India by revenue in fiscal 2026 and was the country's largest integrated industrial, medical, electronic and specialty gases company by revenue. Established in 1963, INOX Air Products operates across the industrial gases value chain through three business verticals -- On-site, Merchant, and Packaged and Specialty Gases. Its product portfolio includes oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide, as well as medical oxygen, welding mixtures and specialty gas mixtures. The company supplies gases to a wide range of industries, including steel, oil and gas, chemicals, healthcare and pharmaceuticals, electronics and semiconductors, solar, glass, automotive and other manufacturing sectors.
The company's existing on-site gas production capacity stood at 16,074 tonnes per day (TPD), while merchant liquid gas production capacity was 5,106 TPD. Including upcoming capacity, these are expected to increase to 20,388 TPD and 6,027 TPD, respectively. The company also operated a fleet of 739 cryogenic tankers and maintained approximately 140,000 cylinders for the distribution of packaged and specialty gases.
The proposed IPO is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India, which are the book running lead managers to the offer.