INOX Air Products Appoints Bankers for $1 Billion IPO
The Indian industrial gas producer has appointed bankers to manage a $1 billion share sale. The company plans to file its draft prospectus within one month.
The industrial and medical gas manufacturer INOX Air Products is preparing for a $1 billion initial public offering (IPO) in India. According to sources familiar with the matter, the company has appointed Kotak Mahindra Bank Limited, JPMorgan Chase & Co., and Citigroup Inc. to manage the listing in Mumbai. The company is a joint venture between the United States-based Air Products and Chemicals, Inc. and the INOX Group. It reportedly plans to file its draft prospectus with the Indian securities regulator within the next month to seek approval for the offering. While India was the world's second-largest IPO market in 2025, according to data from London Stock Exchange Group plc, overall sentiment has cooled recently amid geopolitical conflict in the Middle East. Despite this environment, several large-scale IPOs are expected soon, including those from Jio Platforms and the National Stock Exchange. INOX Air Products operates nearly 50 locations across the country, producing more than 4,200 tonnes of liquid gases per day. The company serves over 1,800 customers across 18 industries, including pharmaceuticals, chemicals, steel, and textiles. For the financial year ending March 2025, the firm recorded revenue of $295 million. The industrial gases market in India was valued at $11 billion in 2023 and is projected to grow to $21 billion by 2030, according to market research. This growth is driven by expanding industrial activity and healthcare infrastructure.
