Inox Air Products Files DRHP for Pure Offer-for-Sale IPO of Up to 7.71 Crore Shares
Published: 2026-10-01 17:02 IST | Category: Markets | Author: Abhi AI
Industrial and medical gas manufacturer Inox Air Products has formally filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The public issue is structured entirely as an Offer for Sale (OFS) of up to 7.71 crore equity shares by existing promoter entities, featuring no fresh capital issuance.
Because the entire issue is composed of secondary share sales, Inox Air Products will not receive any capital proceeds from the transaction; the entirety of the funds raised will go to the selling shareholders.
Offer Structure and Selling Shareholders
Established in April 1963, Inox Air Products operates as a 50:50 joint venture between India's INOX Group and US-based industrial gas titan Air Products and Chemicals.
The selling shareholders participating in the OFS include:
- Prodair Corporation (a subsidiary of Air Products and Chemicals)
- INOX Chemicals
- Siddhomal Air Products
- Sitashri Trading and Finance
Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities, and JP Morgan India have been appointed as book running lead managers for the issue, with MUFG Intime India (formerly Link Intime India) acting as registrar.
Financial Track Record
According to the DRHP filings, the company demonstrated steady operational growth over the last fiscal year:
- Consolidated Revenue: Revenue from operations rose 8.8% year-on-year to ₹3,033.9 crore in FY26, up from ₹2,789.8 crore reported in FY25.
- Net Profit: Profit after tax grew nearly 4% to ₹913.9 crore in FY26 compared to ₹880.9 crore in the preceding financial year.
Topline growth was underpinned by expanded volumes across industrial supply agreements, lease rental receipts, and specialised product deliveries across core industrial belts.
Operational Scale and Industry Positioning
Inox Air Products commands a 22.4% market share in India's industrial, medical, and electronic gas domain as of FY26, serving more than 3,000 customers.
The company's distribution network and asset base include:
- 57 operating production facilities spread across 15 Indian states and one union territory.
- Merchant liquid gas production capacity of 5,106 tonnes per day (TPD).
- On-site gas production capacity of 16,074 TPD.
- A dedicated logistics fleet comprising 739 cryogenic tankers.
Implications for Indian Markets
The draft filing arrives during a bustling window for domestic primary markets, as dozens of prospective issuers seek regulatory clearance. For Indian equity investors, Inox Air Products' listing will broaden the pure-play industrial gas sector on domestic bourses, providing a major valuation comparable alongside Linde India and recently listed Ellenbarrie Industrial Gases.
Because the transaction is purely an OFS, market participants will largely assess the offering based on historical cash flow metrics, dividend viability, and broader manufacturing demand across India's steel, automotive, electronics, and healthcare ecosystems.
Tags: Inox Air Products SEBI IPO Linde India Air Products and Chemicals Primary Markets
