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INOX Air Products Files IPO Papers for Shareholder Sale
INOX Air Products wants to list its shares on stock exchanges.
It has filed early IPO documents with India’s market regulator, SEBI.
The IPO will allow some existing shareholders to sell up to 7.72 crore shares.
The company itself is not issuing new shares.
This means the money raised will go to the selling shareholders, not to the company.
The company makes industrial, medical, electronic and specialty gases.
It supplies businesses in industries such as steel, healthcare, electronics and chemicals.
Four investment banks will help manage the IPO.
INOX Air Products has filed a Draft Red Herring Prospectus with SEBI for an IPO.
The offer comprises an offer for sale of up to 77,156,663 equity shares.
Existing shareholders, including Prodair Corporation and INOX Chemicals LLP, will sell the shares.
Because the issue is entirely an offer for sale, INOX Air Products will receive no IPO proceeds.
People familiar with the matter estimate the IPO size at ₹10,000–11,000 crore; four firms are managing the offering.
- Who
- INOX Air Products Limited and its existing shareholders, including Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products Private Ltd and Sitashri Trading and Finance Private Ltd.
- What
- The company filed a Draft Red Herring Prospectus for an IPO consisting entirely of an offer for sale of up to 77,156,663 equity shares.
- Where
- The filing was made with the Securities and Exchange Board of India for a proposed Indian stock-market listing; one report datelined the announcement from Mumbai.
- When
- The draft papers were filed on October 1, 2026, according to the reports.
- Why
- The IPO will allow certain existing shareholders to sell their holdings and bring the company’s shares to stock exchanges; the company will receive no proceeds.
Key facts
- IPO structure
- Offer for sale only; no fresh issue of shares.
- Shares offered
- Up to 77,156,663 equity shares, or approximately 7.72 crore shares, with a face value of ₹1 each.
- Estimated issue size
- ₹10,000–11,000 crore, according to people familiar with the matter; the official offer price was not stated.
- Business
- Industrial, medical, electronic and specialty gases.
- Production capacity
- Approximately 5,106 tonnes per day of merchant liquid gas capacity; on-site capacity was reported at 16,074 tonnes per day.
- Distribution network
- 739 cryogenic tankers and approximately 140,000 cylinders.
- IPO managers
- Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India.
Sources
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