INOX Air Products has filed its draft IPO papers with SEBI, putting the industrial gases company on the path towards a stock market listing. The proposed issue is an offer for sale of 7.71 crore equity shares by existing shareholders, with no fresh issue. The company will not raise money from it. The filing has drawn attention because INOX Air Products describes itself as India’s largest industrial, medical, electronic and speciality gases company by revenue.
This article explains the INOX Air Products IPO filing, including the 7.71-crore share OFS, the selling shareholders, the company’s business and financial performance, and the key IPO details that are still unknown.
INOX Air Products IPO: Filing Details
INOX Air Products filed its Draft Red Herring Prospectus (DRHP) with SEBI on 30 September 2026. A DRHP is a preliminary document that a company files with the regulator before an IPO. It describes the business, finances, risks, and the proposed offer.
The proposed IPO is an offer for sale (OFS) of 7.71 crore equity shares. The filing has no fresh issue component.
Kotak Mahindra Capital, Citigroup Global Markets India, ICICI Securities and JP Morgan India have been appointed to manage the issue.
This is only the filing stage. The IPO has not opened for subscription, and you cannot apply for shares yet. The IPO dates and price band have not been announced.
INOX Air Products IPO: Key Details
| IPO Detail | Information |
| Company | INOX Air Products |
| IPO status | DRHP filed with SEBI (30 September 2026) |
| Issue type | Offer for Sale |
| Shares offered | 7.71 crore equity shares |
| Fresh issue | None |
| Price band | Not announced |
| IPO dates | Not announced |
| Lot size | Not announced |
| Listing date | Not announced |
What Does the INOX Air Products OFS Mean?
In an OFS, people who already own shares in the company sell some of them to the public. The company does not create new shares.
So the money from the sale goes to the selling shareholders, not to INOX Air Products. A fresh issue works the other way: the company sells new shares and keeps the money.
Here is a simple example. If a shareholder sells 100 shares to new investors in the IPO, the shares move from one owner to another. The company’s bank balance does not change.
Who Is Selling the Shares?
The selling shareholders are INOX Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance. Prodair Corporation is a unit of US-based Air Products and Chemicals. The others are on the INOX Group side. Together, they make up the two partners of the joint venture.
The maximum sale sizes for the two largest sellers:
- Prodair Corporation: up to 3.86 crore shares
- INOX Chemicals: up to 1.18 crore shares
That leaves roughly 2.67 crore shares to be sold by the other two shareholders.
What Does INOX Air Products Do?
INOX Air Products was set up in April 1963. It is jointly owned by the INOX Group and the Air Products Group of the US.
The company makes and supplies gases such as oxygen, nitrogen, argon, and hydrogen to industry and hospitals. It describes itself as India’s largest industrial, medical, electronic, and speciality gases company by revenue. It reports a 22.4% market share in FY26 and more than 3,000 customers.
It earns money by selling gases through a few different routes:
- On-site supply: The company runs a gas plant at or near a customer’s factory and supplies gas directly to it.
- Merchant supply: It produces gas in liquid form and delivers it in tankers to customers.
- Packaged and speciality gases: It sells gas in cylinders and supplies speciality gases.
The reported footprint is:
- 57 locations across 15 states and one union territory
- On-site gas capacity of 16,074 tonnes per day (TPD)
- Merchant liquid gas capacity of about 5,100 TPD
- A fleet of 739 cryogenic tankers, which are insulated trucks that carry gases in liquid form at very low temperatures. The company says this is the largest such fleet in India.
INOX Air Products and Electronic Gases
The company describes its business as including electronic and speciality gases. Electronic gases are high-purity gases used in making electronic components, including semiconductors.
The filing details available so far do not say how much revenue comes from this segment. For now, it is best seen as one part of a wider gases business.
INOX Air Products Financial Performance
| Financial Metric | FY2026 | FY2025 |
| Revenue | ₹3,033.9 crore | ₹2,789.8 crore |
| Profit | ₹913.9 crore | ₹880.9 crore |
Revenue grew 8.8% in FY26. According to the DRHP, the growth came mainly from higher sales of products and services, lease rental income, and other operating revenue.
Profit rose 3.7%, from ₹880.9 crore to ₹913.9 crore. It grew more slowly than revenue.
Who Will Receive the IPO Proceeds?
Since the issue is entirely an OFS, the proceeds will go to the selling shareholders rather than to the company.
What We Don’t Know About the INOX Air Products IPO Yet
These details have not been announced:
- IPO opening and closing dates
- Price band
- Lot size
- Final issue size in rupees
- Valuation
- Listing date
- GMP (grey market premium)
There is no official GMP, and any number circulating now would be unofficial.
What Should Investors Watch?
These are some of the factors investors can examine once the final IPO details are available:
- The price band and the valuation it implies
- Profit margins and how stable they are
- Debt levels
- Power and other operating costs
- How much revenue comes from a few large customers or industries
- The electronic and speciality gases business
- Details on the selling shareholders and any change in their holdings
- Subscription data once the issue opens
Key Takeaway
INOX Air Products filed its DRHP with SEBI on 30 September 2026 for an IPO made up entirely of an offer for sale of 7.71 crore shares. The company will not receive any of the proceeds. The IPO has not opened, and the dates, price band, lot size, and valuation have not been announced. Readers can watch for those details, along with the company’s margins and debt, as the process moves forward.
FAQs
What is the INOX Air Products IPO?
It is a proposed public offering by the industrial gases company. INOX Air Products filed its DRHP with SEBI on 30 September 2026, and the IPO has not opened.
How many shares are being offered in the INOX Air Products IPO?
The DRHP proposes an offer for sale of 7.71 crore equity shares.
Is the INOX Air Products IPO a fresh issue or OFS?
It is entirely an OFS. There is no fresh issue.
What does INOX Air Products do?
It makes and supplies industrial, medical, electronic,c and speciality gases. It sells them through on-site plants, tanker deliveries, and cylinders.
What is the INOX Air Products IPO price band?
It has not been announced yet.
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