INOX Air Products, a giant in India’s industrial and medical gases industry, is reportedly planning a massive $1 billion initial public offering (IPO) as it readies for a public listing in Mumbai. This is a joint venture between the American firm Air Products and Chemicals and India’s INOX Group. To help the firm achieve this significant milestone in its financial journey, it has roped in leading investment firms, including Kotak, JPMorgan, and Citi, as lead managers.
The timing of this IPO is noticeable. With India having established itself as the world’s second-largest market for initial public offerings in 2025, recent tensions in the Middle East have dampened market sentiment. Nevertheless, the market remains hopeful about other “big ticket” entries, with market giants such as Mukesh Ambani’s Jio Platforms and the National Stock Exchange rumoured to be considering initial public offerings. Despite market fluctuations, INOX Air Products remains in a firm position.
Currently, the Company has almost 50 facilities across India, generating more than 4,200 tonnes of liquid gases every day. The Company’s operations are widespread, as it serves more than 1,800 customers across 18 sectors. Financially, the Company has achieved a revenue of $295 million in the fiscal year ending March 2025. This entry into the public domain aligns with a booming industry outlook, as the Indian industrial gases industry is expected to almost double in value from $11 billion in 2023 to $21 billion in 2030.
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INOX Air Products aims to capitalise on rapid industrialisation and secure the capital needed to maintain its leadership in an important sector of infrastructure development. While the banks and the company have not made any official comments on the matter, this report aims to highlight a major development in the industrial sector of India and the demand for high-value listings in the region.
