Inox Air Products filed a preliminary prospectus with SEBI on Wednesday, aiming to raise ₹10,000‑11,000 crore by selling up to 7.72 crore shares. The move is an offer‑for‑sale; the company will not issue new equity, so proceeds go solely to existing shareholders such as Prodair Corp, INOX Chemicals LLP, and Siddho Mal Trading.
The gas‑manufacturer operates 28 liquid‑gas plants with a combined capacity of 5,106 tonnes per day and runs 739 cryogenic tankers that logged 39 million kilometres in FY26. Its core product mix spans industrial, medical, electronic, and speciality gases.
Beyond gases, Inox runs seven hydrogen plants—five SMR and two electrolytic—plus a green‑hydrogen project for a glassmaker, marking a strategic push into renewable energy. Since 2021, it has completed 22 projects across air‑separation units, nitrogen generators, and renewable power.
In the broader gas sector, valuations hover around 15‑20× EBITDA. The IPO’s implied valuation of roughly ₹1.4 lakh per share (₹10,000 cr / 7.72 cr) sits comfortably within that range, making it an attractive play for investors seeking exposure to India’s industrial‑gas boom.
The listing is slated for Q3 2027, with Kotak Mahindra Capital, Citigroup, ICICI Securities, and JP Morgan acting as book‑runners. Analysts anticipate the deal will boost liquidity for key shareholders and could pave the way for future capital raises.