INOX Air Products files for $1 billion IPO: what investors need to know
- 1st April 2026
- 01:50 PM
- 2 min read
Summary
INOX Air Products, an India-US joint venture that produces industrial and medical gases, is planning a $1 billion IPO in Mumbai. The company has appointed Kotak, JPMorgan and Citi to manage the listing and intends to file its draft prospectus with India's securities regulator within a month, Reuters reported, citing sources familiar with the matter.INOX Air Products Files For $1 Billion IPO: What Investors Need To Know?
01 April 2026| 2 min read
INOX Air Products, the Indian industrial and medical gas maker, is planning a $1 billion initial public offering (IPO) in Mumbai. The company has appointed Kotak, JPMorgan and Citi as bankers to manage the listing, Reuters reported, citing sources familiar with the matter.
The company intends to file its draft prospectus with India’s securities regulator within a month, Reuters said.
What is INOX Air Products?
INOX Air Products is a joint venture between American industrial gas producer Air Products and Chemicals and India’s INOX Group. The company operates nearly 50 locations across India, produces over 4,200 tonnes per day of liquid gases and serves more than 1,800 customers across 18 industries, according to its website.
Its product portfolio covers:
- Industrial gases for the chemical, steel and textile sectors
- Medical gases for the pharmaceutical sector
- Supporting technologies and on-site services
For the financial year ending March 2025, the company reported revenue of $295 million.
Why is INOX Air Products Going Public Now?
India ranked as the world’s second-largest IPO market in 2025, according to LSEG data. However, sentiment has weakened this year amid ongoing conflict in the Middle East, making the timing more cautious than opportunistic.
Despite the subdued backdrop, a pipeline of large listings is forming. Jio Platforms, owned by Mukesh Ambani, and the National Stock Exchange, India’s largest exchange, are both expected to file for IPOs soon, Reuters reported.
How Big Is India’s Industrial Gas Market?
The Indian industrial gases market was valued at $11 billion in 2023 and is projected to reach $21 billion by 2030, according to Grand View Research. INOX Air Products serves 18 industries including chemicals, pharmaceuticals, steel and textiles, positioning it across several high-growth segments of the domestic economy.
Outlook
INOX Air Products plans to file its draft prospectus with India’s securities regulator within a month, marking the next formal step towards the listing. The IPO is expected to add to a growing pipeline of large-ticket offerings, with Jio Platforms and the National Stock Exchange also anticipated to file for public listings soon, Reuters reported.
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