Gas maker Inox Air Products files IPO papers with Sebi, public issue to entirely comprise OFS

Inox Air Products has filed its draft red herring prospectus (DRHP) with Sebi for an initial public offering (IPO), with the maiden issue entirely comprising an offer for sale (OFS) of 7.7 crore shares by existing shareholders and no fresh issue component.

Inox Air Products, a joint venture between US industrial gas maker Air Products and Chemicals and India's INOX Group, filed its IPO paper with Sebi on Wednesday. Promoters Prodair Corporation and INOX Chemicals are among the selling shareholders in the OFS.

Since there is no fresh issue component, none of the IPO proceeds will be received by the company, as all of them will be directed towards the selling shareholders.

Inox Air Products is a manufacturer of industrial and medical gases, with 57 operating locations ‌in ⁠India and merchant liquid gas capacity of 5,106 tonnes per day as of March 2026. It competes with Linde India, India's largest listed industrial gases company, and Ellenbarrie Industrial ⁠Gases, which debuted on the market last year.

Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India are the book running lead managers for the issue, while MUFG Intime India (formerly known as Link Intime India) is the registrar to the issue.

This comes after Reuters earlier this year reported Inox Air Products is planning to launch a $1 billion IPO. The company reported nearly 4% year-on-year rise in net profit to Rs 914 crore for the financial year 2026 from Rs 880.9 crore reported in the previous financial year. Its revenue from operations meanwhile increased nearly 9% YoY to Rs 3,034 crore during the financial year which ended on March 31, 2026, from Rs 2,790 crore in FY25.

Also read | INOX Air Products plans $1 billion IPO, appoints bankers

Booming IPO market, crashing stock market

India’s IPO market, meanwhile, has been speeding up, even as the equity market faced the brunt of soaring bond yields and surging oil prices amid the raging Middle East conflict. Sensex and Nifty are heading towards their eighth week of weekly losses, which would mark the first time since the Dot-com bubble burst in 2001. The stock market is set to surpass the 2020 Covid crash and 2008 global financial crisis in terms of the number of consecutive weeks of losses.

More than 50 companies filed their DRHPs with Sebi in September, making it the busiest month of the year for such submissions. In September 2025, 55 companies made filings, including confidential ones.

Experts suggest the rush is being driven by a regulatory deadline as Sebi allows companies with a March 31 fiscal year end to use their audited annual results in a DRHP only until September 30. After that, issuers need to update their filings with recent financials, adding to the work involved and potentially delaying the IPO process.

Also read | India’s IPO pipeline swells despite muted equity market

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
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