Inox Air Products Files Draft Papers With Sebi, Plans Rs 10,000–11,000 Crore Initial Public Offering

Mumbai: Inox Air Products Ltd has filed draft prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). Estimates suggest the IPO could raise between Rs 10,000 crore to Rs 11,000 crore. The company, which specializes in industrial and medical gases, has filed its draft red herring prospectus on Wednesday.

The IPO will enable existing shareholders to sell their shares and list the company's stocks on stock exchanges. The IPO structure involves selling up to 7.72 crore equity shares by promoters, with no new share issue. Proceeds from the IPO will go to these shareholders, not Inox Air Products, which means the capital raise will not directly fund business growth.

Inox Air Products operates in the industrial, medical, electronic, and specialty gases sectors, with facilities that cater to individual customers, bulk supplies, packaged gases, and specialty products. The company operates 28 liquid gas manufacturing plants, with a daily production capacity of around 5,106 tonnes. The partnership with American company Air Products and Chemicals Inc began in 1999, after Inox Air Products acquired 50% through its subsidiary Prodair Corporation.

Inox Air Products operates 739 cryogenic tankers, covering a distance of 39 million kilometers in the fiscal year 2026. The company also has seven hydrogen plants using steam methane reforming and two using electrolysis. It has also entered the green hydrogen sector and signed a project for a glass manufacturing customer. Since 2021, Inox Air Products has completed over 22 projects, including air separation units, liquid plants, nitrogen generators, hydrogen facilities, and renewable power projects.

The IPO will be managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities, and JP Morgan India.