Archive · 1 Oct 2026
INOX Air Products Files ₹10,000 Crore IPO Draft Papers
INOX Air Products wants to list its shares on the stock market.
It filed early IPO documents with India’s market regulator, SEBI.
The IPO would let existing shareholders sell up to 7.72 crore shares.
The company is not creating new shares for this offering.
Therefore, the money raised would go to the shareholders selling their shares.
The company makes industrial, medical, electronic and specialty gases.
It supplies gases to industries such as steel, healthcare, chemicals and electronics.
Four investment banks will manage the IPO.
People familiar with the matter estimate that the IPO could be worth ₹10,000–11,000 crore.
INOX Air Products filed a Draft Red Herring Prospectus with SEBI for a proposed IPO.
The issue comprises an offer for sale of up to 77,156,663 shares by existing shareholders.
Selling shareholders include Prodair Corporation, INOX Chemicals LLP and other affiliated entities.
Because the IPO is entirely an offer for sale, INOX Air Products will receive no proceeds.
The IPO is estimated at ₹10,000–11,000 crore, with four book-running lead managers appointed.
- Who
- INOX Air Products Limited and 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 draft papers for an IPO comprising an offer for sale of up to 77,156,663 equity shares.
- When
- The draft papers were filed on October 1, 2026, according to the reports.
- Where
- The filing was made with the Securities and Exchange Board of India for a proposed Indian stock-market listing.
- Why
- The offering would allow certain existing shareholders to sell holdings and create a public market for the company’s shares; the company would receive no IPO proceeds.
- Estimated IPO size
- ₹10,000–11,000 crore, according to people familiar with the matter.
- IPO structure
- Offer for sale only; there is 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.
- Business
- Industrial, medical, electronic and specialty gases.
- Manufacturing network
- 28 dedicated liquid gas manufacturing plants with capacity of about 5,106 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.
