Indian gas maker INOX Air Products plans $1 billion IPO, appoints bankers

Indian industrial and medical gas maker INOX Air Products is planning to launch a $1 billion initial public offering in Mumbai, and has appointed Kotak, JPMorgan and Citi to manage the IPO, three sources familiar with the matter said.

The Indian company is a joint venture between American industrial gas maker Air Products and Chemicals and India's INOX Group. It plans to file its draft prospectus with the Indian securities regulator to seek approval for the IPO within a month, two of the sources said.

INOX Air Products, JPMorgan, Citi declined to comment. Kotak did not respond to a Reuters request for comment.

The sources declined to be named as the discussions are confidential. Reuters is first to report INOX Air Products' IPO plans in India.

India was the world's second‑largest IPO market in 2025, LSEG data shows, but sentiment towards IPOs has weakened this year amid conflict in the Middle East.

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Still, there are big-ticket IPOs in the offing, with Indian billionaire Mukesh Ambani's Jio Platforms and India's largest exchange National Stock Exchange, expected to file for IPOs soon.

INOX Air Products operates nearly 50 locations across the country, produces over 4,200 tonnes per day of liquid gases and serves more than 1,800 customers across 18 industries, according to the company's website.

The company provides products, technologies and services to industries including the chemical, pharmaceutical, steel and textiles. It had revenue of $295 million for the financial year ending March 2025.

India industrial gases market was worth $11 billion in 2023, but this is set to rise to $21 billion by 2030, according to market research specialist Grand View Research.