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INOX Air Products gearing up for $1B IPO in India
31 Mar 2026

INOX Air Products, a leading player in the industrial and medical gas sector, is gearing up for a major initial public offering (IPO) in Mumbai.

The firm has appointed Kotak, JPMorgan, and Citi as the bankers for its upcoming $1 billion IPO.

The company is a joint venture between US-based Air Products and Chemicals and India's INOX Group.

Draft prospectus filing expected within a month
Filing plans

INOX Air Products is planning to file its draft prospectus with Indian securities regulator SEBI within a month. This move is part of their strategy to get approval for the upcoming IPO, two sources familiar with the matter told Reuters.

Company operates nearly 50 locations across India
Company profile

INOX Air Products operates around 50 locations across India and produces over 4,200 tons per day of liquid gases.

The firm serves more than 1,800 customers across 18 industries. It offers products, technologies, and services to sectors such as chemicals, pharmaceuticals, steel, and textiles.

For the fiscal year ending March 2025, INOX Air Products reported a revenue of $295 million.

Growth of Indian industrial gases market
Market growth

The Indian industrial gases market was valued at $11 billion in 2023 and is expected to rise to $21 billion by 2030, according to Grand View Research.

This growth projection highlights the potential of the sector, which INOX Air Products is a key player in.

The company's upcoming IPO comes amid a wave of high-profile listings in India, including Mukesh Ambani's Jio Platforms and the National Stock Exchange.