The proposed IPO will involve the sale of up to 7.72 crore shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed with SEBI on Wednesday.
The entire issue will be an offer for sale (OFS), meaning no new shares will be issued by the company. As a result, Inox Air Products will not receive any of the money raised through the IPO. The proceeds will instead go to the existing shareholders selling their shares.
Existing shareholders to sell shares
Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products and Sitashri Trading and Finance are among the shareholders proposing to sell shares in the IPO.
The company said the proposed listing would give some existing shareholders an opportunity to sell part of their holdings while also creating a public market for Inox Air Products’ shares.
What does Inox Air Products do?
Inox Air Products makes industrial, medical, electronic and speciality gases used by businesses across different industries.
Its operations include supplying gases directly to customers, selling them in liquid and packaged form, and producing speciality gases for specific industrial uses.
The company has 28 dedicated liquid gas manufacturing plants with a combined production capacity of about 5,106 tonnes a day.
Inox Air Products has a joint venture relationship with Air Products and Chemicals Inc, which acquired an approximately 50% stake in the company in 1999 through its subsidiary Prodair Corporation.
Company expanding into hydrogen
Inox Air Products also operates a network of 739 cryogenic tankers used to transport gases at very low temperatures. These vehicles travelled about 39 million kilometres in FY26, according to the DRHP.
The company currently operates seven hydrogen plants using steam methane reforming (SMR) technology and two plants based on electrolysis.
It has also expanded into green hydrogen and commissioned a project for a glass manufacturing customer.
Since 2021, Inox Air Products has completed more than 22 projects spanning air separation units, liquid gas plants, nitrogen generators, hydrogen facilities and renewable power projects, according to the draft documents.
Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India have been appointed as the book-running lead managers for the IPO.
Also read: IPOs lap up record ₹94,205 cr in Apr-Sept FY27: Report