Inox Air Products files IPO papers; issue size not disclosed

Inox Air Products has filed a draft red herring prospectus with Securities and Exchange Board of India for an initial public offering (IPO) that could target raising ₹10,000 crore. The DRHP did not mention the issue size.

The company is among the largest by revenue in the pure-play industrial gases segment. It is promoted by Pavan Kumar Jain and US-based Air Products and Chemicals Inc.

The IPO comprises only an offer for sale of shares by existing shareholders belonging to the promoter group. No new shares are being issued by the company. The selling shareholders are Prodair Corporation, an arm of Air Products and Chemicals, and entities of the Pavan Jain family.


They are collectively selling 77 million shares.

The company has 517 million paid-up equity shares.

Inox Air Products had revenue of ₹3,033 crore in 2025-26.

The company's major customers are in the steel, healthcare and pharmaceutical, and automotive end-use industries.