Inox Air Products IPO: ₹10,000 Crore DRHP Filed — Details, Financials & Review
Inox Air Products, India's largest integrated industrial, medical, electronic and specialty gases company, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering that media reports estimate at ₹10,000–11,000 crore — one of the biggest IPOs in India's pipeline. The issue is a pure offer for sale (OFS) of up to 7.72 crore equity shares, with no fresh issue component.
The DRHP (dated 24 September 2026) was reported on 1–2 October 2026, making this one of the headline developments of the IPO season alongside Inox Clean Energy's ₹10,000 crore DRHP filed a day earlier. Here is everything the draft papers reveal.
Inox Air Products IPO: Key Details
| Detail | Information |
|---|---|
| Company | Inox Air Products Ltd |
| Issue type | Pure Offer for Sale (OFS) |
| OFS size | Up to 7.72 crore equity shares |
| Fresh issue | Nil — company receives no proceeds |
| Estimated issue size | ₹10,000–11,000 crore (media estimates; not stated in DRHP) |
| DRHP filing | Filed with SEBI (dated 24 Sept 2026; reported 1–2 Oct 2026) |
| Promoters | Pavan Kumar Jain and Air Products and Chemicals Inc (US) |
| Selling shareholders | Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products, Sitashri Trading and Finance |
| Book running lead managers | Kotak Mahindra Capital, Citigroup Global Markets India, ICICI Securities, JP Morgan India |
| Registrar | MUFG Intime India (formerly Link Intime) |
| Listing | BSE and NSE (proposed) |
| Price band / dates | To be announced after SEBI approval |
A Pure OFS: Who Is Selling?
Since the IPO has no fresh issue component, none of the proceeds will come to the company — the entire amount goes to the selling shareholders, all part of the promoter group. The sellers are Prodair Corporation (the arm of US-based Air Products and Chemicals Inc, which acquired roughly a 50% stake in the company back in 1999) and entities of the Pavan Kumar Jain family: INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products and Sitashri Trading and Finance.
The listing is aimed at giving the existing shareholders an exit and listing the company's equity shares on the stock exchanges.
The DRHP also discloses a major pre-IPO capital restructuring: in June 2026 each ₹10 share was split into 10 shares of ₹1 each (taking the share count from 10.34 million to 103.41 million), followed by a 4:1 bonus issue on 4 September 2026 that added 413.63 million shares — taking total paid-up shares to about 517.03 million.
The Business: India's Largest Industrial Gases Company
Inox Air Products operates across on-site, merchant liquid and packaged gases, plus specialty and electronic gases. As of FY26:
- 57 operating production facilities across 15 states and one union territory
- ~22.4% market share in India's industrial, medical and electronic gases market (FY26)
- 3,000+ customers, mainly in steel, healthcare & pharmaceuticals, and automotive
- Merchant liquid gas production capacity of 5,106 tonnes per day; on-site gas production capacity of 16,074 TPD
- A logistics fleet of 739 cryogenic tankers that travelled about 39 million km in FY26
India's industrial gases market was valued at around $11 billion in 2023 and is projected to reach $21 billion by 2030, according to Grand View Research — giving the company a strong demand tailwind from manufacturing, electronics and healthcare.
Note: Inox Air Products is a different company from Inox Clean Energy, which also filed a ₹10,000 crore DRHP recently — read our Inox Clean Energy IPO DRHP deep-dive for that issue.
Inox Air Products Financials (FY26)
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹2,589.9 cr | ₹2,789.8 cr | ₹3,033.9 cr |
| EBITDA | ₹1,331.1 cr | — | ₹1,647.8 cr |
| EBITDA margin | 47.99% | 49.85% | 51.29% |
| Profit after tax | — | ₹880.9 cr | ₹913.9 cr |
| Operating cash flow | — | — | ₹1,264.2 cr |
| Net debt | — | — | Negative (₹849.75 cr net-cash position) |
| ROCE | 30.24% | — | 24.45% |
The business enters the IPO process with strong profitability — a 51% EBITDA margin and a net-cash balance sheet. Revenue grew about 8.8% YoY in FY26, with profit up roughly 4%. One watch item: adjusted ROCE declined from 30.24% in FY24 to 24.45% in FY26, and capacity utilisation fell over the period, which the company attributes mainly to lower on-site consumption.
Inox Air Products IPO: Strengths and Risks
Strengths:
- Market leadership (~22.4% share) in a consolidated industrial gases market
- Diversified 3,000+ customer base across steel, healthcare, pharma and automotive
- 51.29% EBITDA margin and net-cash balance sheet in FY26
- Long operating history through the Air Products joint venture since 1999
- Strong tailwind: industrial gases market expected to nearly double by 2030
Risks / watch items:
- Pure OFS — no fresh capital for growth; this is a promoter monetisation event
- ROCE declining over three years (30.24% → 24.45%)
- Cyclicality: demand tied to steel, automotive and manufacturing cycles
- Falling capacity utilisation on lower on-site consumption
- Listed peer Linde India (about $5.6 billion market cap) offers a direct valuation benchmark, alongside Ellenbarrie Industrial Gases which listed last year
Inox Air Products IPO Timeline
| Event | Status |
|---|---|
| DRHP filed with SEBI | Done (dated 24 Sept 2026; reported 1–2 Oct 2026) |
| SEBI approval | Awaited |
| Price band & dates | To be announced |
| Listing | BSE and NSE (proposed) |
FAQs
What is the size of the Inox Air Products IPO?
The DRHP does not state an issue size. Media reports, citing people familiar with the matter, estimate the IPO at ₹10,000–11,000 crore. Earlier in 2026, Reuters reported the company was planning a roughly $1 billion IPO.
Is the Inox Air Products IPO a fresh issue or OFS?
It is a pure offer for sale of up to 7.72 crore equity shares by promoter-group shareholders. The company will receive no proceeds from the issue.
Who are the bankers for the Inox Air Products IPO?
Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India are the book running lead managers; MUFG Intime India is the registrar.
When will the Inox Air Products IPO open?
The issue opens only after SEBI approves the DRHP. The price band and IPO dates will be announced closer to launch.
Conclusion
The Inox Air Products IPO is one of the most significant DRHP filings of 2026 — a ₹10,000+ crore pure-OFS debut for India's largest industrial gases company, arriving at a time when the IPO pipeline is at its busiest. With a 51% EBITDA margin, net-cash balance sheet and dominant market position, the business fundamentals are strong, but investors will judge it against listed peer Linde India and the absence of any fresh growth capital. Watch for SEBI's observations and the price band announcement for the next triggers.