By: ICN Bureau
Last updated : October 01, 2026 5:57 pm
Because the offering is structured 100% as an OFS, Inox Air Products will not receive any proceeds from the IPO
INOX Air Products Limited, 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 its proposed Initial Public Offering (IPO).
The proposed IPO comprises an Offer for Sale (OFS) of up to 77,156,663 equity shares of face value of Rs. 1 each by existing selling shareholders. The selling shareholders include Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products Private Limited and Sitashri Trading and Finance Private Limited.
Because the offering is structured 100% as an OFS, Inox Air Products will not receive any proceeds from the IPO; all funds will go entirely to the selling shareholders.
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 largest integrated industrial, medical, electronic and specialty gases company in India 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. The Company offers a broad portfolio of gases including oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide, along with medical oxygen, welding mixtures and specialty gas mixtures. Its products cater to diverse industries including steel, oil and gas, chemicals, healthcare and pharmaceuticals, electronics and semiconductors, solar, glass, automotive and other manufacturing sectors.
The company served more than 3,000 customers as of March 31, 2026, with its top 10 customers having an average relationship duration of 15.90 years, based on revenue from operations.
As of March 31, 2026, the company operated across 57 locations in 15 states and one Union Territory, with existing On-site gas capacity of 16,074 tonnes per day (TPD) and Merchant liquid gas production capacity of 5,106 TPD. Including upcoming capacity, these are expected to reach 20,388 TPD for On-site gases and 6,027 TPD for Merchant liquid gases, respectively.
The company also operated a fleet of 739 cryogenic tankers and maintained approximately 140,000 cylinders for packaged and specialty gases distribution.
INOX Air Products has expanded its presence in emerging applications, including semiconductor manufacturing, solar cell manufacturing and advanced electronics. The Company commissioned an electronic-grade nitrous oxide facility at Chennai and an electronic-grade ultra-high-purity oxygen facility at Hosur. It also commissioned a 2,150 TPD Air Separation Unit at SAIL’s Bokaro facility in January 2025.
The company has been jointly owned since 1999 by the INOX Group and Air Products Group, combining the former’s presence and execution capabilities in the Indian market with the latter’s global industrial gases expertise and technical capabilities.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited and J. P. Morgan India Private Limited are the Book Running Lead Managers to the Offer.