Inox Air Products Files IPO Papers for 7.71-Crore Share Offer-for-Sale

Industrial gas manufacturer Inox Air Products has taken a step towards entering the public markets, filing its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

The proposed IPO will consist entirely of an offer-for-sale of 7.71 crore equity shares, according to the draft papers filed on September 30. There will be no fresh issue of shares as part of the offering. 

Since the IPO is entirely an offer-for-sale, the proceeds will go to the selling shareholders. Inox Air Products itself will not receive any money from the issue. 

Promoters to Sell Shares Through IPO 

The selling shareholders include promoters INOX Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance. 

Inox Air Products was incorporated in April 1963 and is jointly owned by the INOX Group and US-headquartered industrial gases company Air Products Group. 

The company says it is India’s largest industrial, medical, electronic and specialty gases company by revenue, with a market share of 22.4% in FY26. It serves more than 3,000 customers. 

Inox Air Products Operates Across 57 Locations 

The company has on-site, merchant, packaged and specialty gas supply facilities spread across 57 locations in 15 states and one union territory in India. 

Its existing on-site gas capacity stands at 16,074 tonnes per day, while merchant liquid gas production capacity is 5,106 tonnes per day. 

Inox Air Products also has a fleet of 739 cryogenic tankers, which the company says is the largest such fleet in India. 

FY26 Profit Rises to Rs 913.9 Crore 

For the year ended March 2026, Inox Air Products reported a profit of Rs 913.9 crore, up 3.7% from Rs 880.9 crore in the previous financial year. 

Revenue increased 8.8% to Rs 3,033.9 crore from Rs 2,789.8 crore during the same period. 

According to the company’s draft papers, the rise in revenue was primarily driven by higher sales of products and services, lease rental income and other operating revenue. 

Four Merchant Bankers Appointed for IPO 

Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India have been appointed as merchant bankers for the proposed public offering. 

With the draft papers now filed with SEBI, Inox Air Products has formally started the process towards its proposed stock market listing. The IPO, as currently proposed, will see existing shareholders offer 7.71 crore equity shares without any fresh capital being raised by the company.