Inox Air Products IPO: Company Files DRHP for 7.71 Crore-Share OFS
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Inox Air Products has filed its DRHP with SEBI for an IPO comprising 7.71 crore equity shares. The issue is entirely an offer-for-sale, meaning the company will not receive proceeds.
Inox Air Products has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking its move towards a public listing.
The proposed initial public offering (IPO) comprises an offer-for-sale (OFS) of 7.71 crore equity shares. There is no fresh issue component in the offering.
Promoters To Sell Shares Through OFS
The selling shareholders include INOX Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance.
The IPO will therefore provide an exit opportunity to the participating existing shareholders rather than raise fresh capital for the company's operations or expansion.
Business And Market Presence
Established in April 1963, Inox Air Products is jointly owned by the INOX Group and US-based Air Products Group.
The company describes itself as India's largest industrial, medical, electronic and speciality gases company by revenue. It held a 22.4% market share in FY26 and served more than 3,000 customers.
Its operations span 57 locations across 15 states and one union territory. The company supplies gases through on-site, merchant, packaged and speciality gas facilities.
Its infrastructure includes:
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On-site gas capacity of 16,074 tonnes per day (TPD)
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Merchant liquid gas production capacity of 5,106 TPD
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A cryogenic tanker fleet of 739 vehicles
Inox Air Products Financial Performance
Inox Air Products recorded a profit of ₹913.9 crore in FY26, compared with ₹880.9 crore in the previous year.
Revenue increased 8.8% to ₹3,033.9 crore, from ₹2,789.8 crore in FY25. According to the DRHP, the growth was driven mainly by higher sales of products and services, lease rental income and other operating revenue.
The proposed listing will therefore provide public-market investors with access to an established industrial gas business operating across multiple customer segments and geographies in India.
Sources
DHRP
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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