India’s INOX Air Products Prepares Mega IPO Worth $1 Billion

Indian industrial gas major INOX Air Products is preparing to launch a large-scale initial public offering (IPO) worth around $1 billion, according to sources familiar with the development. The company has already appointed leading investment banks, including Kotak Mahindra Bank, JPMorgan, and Citi, to manage the issue.

The IPO is expected to be filed with market regulator SEBI in the coming weeks, marking one of the significant public offerings in India’s upcoming IPO pipeline. The move comes as companies continue to tap capital markets despite a mixed global investment climate.

INOX Air Products, a joint venture between the INOX Group and US-based Air Products & Chemicals, operates an extensive network of production facilities across India. The company manufactures and supplies industrial and medical gases such as oxygen, nitrogen, and argon to a wide range of sectors including healthcare, steel, chemicals, and pharmaceuticals.

With nearly 50 operational sites and a daily production capacity exceeding 4,000 tonnes of liquid gases, the company serves over 1,800 customers across multiple industries. Its strong operational footprint and diversified client base position it well to benefit from rising demand in India’s industrial gases market.

The Indian industrial gases sector is witnessing steady growth, driven by expansion in manufacturing, infrastructure, and healthcare. Industry estimates suggest the market could nearly double in size by the end of the decade, creating favorable conditions for companies like INOX Air Products to scale further.

The planned IPO is expected to help the company raise capital for expansion, strengthen its balance sheet, and enhance its market presence. It also reflects continued investor interest in core industrial and infrastructure-linked businesses, even amid global uncertainties.

If successful, the offering would rank among the major IPOs in India’s near-term pipeline, alongside other large listings anticipated in sectors such as technology and financial services.