INOX Air Products files for IPO
Indian gas manufacturer INOX Air Products has filed for an initial public offering to allow existing investors to offload up to 77.2 million shares. The company will not receive any proceeds from the offering as primary market activity picks up.
INOX Air Products has filed for a $1B IPO, with existing United States industrial gas maker AIR PRODUCTS & CHEMICALS INC and local backers looking to trim stakes, draft papers showed on Wednesday evening.
The offering involves existing shareholders offloading up to 77.2 million shares in India, with the gas manufacturer issuing no new stock and receiving zero proceeds from the deal. The filing arrives during an acceleration in primary market activity across the country following a slow start to the year.
