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42 min ago 2 min read
Indian industrial gas joint venture (JV) INOX Air Products (INOXAP) has filed for an initial public offering (IPO), with Air Products among a group of shareholders seeking to sell up to 77.2 million shares in the firm.
The proposed listing, filed with the Securities and Exchange Board of India (SEBI), is structured as an offer for sale, with no fresh shares being issued by INOXAP.
Jointly owned by INOX and Air Products since 1999, the potential listing on the National Stock Exchange of India and BSE would represent the first public issue since the JV voluntarily delisted from Indian exchanges between 1999 and 2000.
According to a Draft Red Herring Prospectus, up to 77,156,663 equity shares will be sold by existing shareholders, with the final offer price and total value yet to be determined.
Air Products’ subsidiary Prodair Corporation is the largest selling shareholder, offering up to 38.58 million shares. INOX Chemicals will offer up to 11.77 million, Siddho Mal Trading 11.65 million, Siddhomal Air Products 14.67 million, and Sitashri Trading and Finance around 491,000 shares.
Prodair currently owns 49.74% of INOXAP, with INOX Chemicals and Siddho Mal Trading holding 15.17% and 15.02%, respectively.
If Prodair sells its full allocation and the offer proceeds as currently structured, its stake would fall to around 42.3%, meaning Air Products would remain a major shareholder in the Indian industrial gas producer.
The proposed IPO comes as INOXAP expands its . As of March 2026, the company said it operated over 16,000 tonnes per day (tpd) of on-site industrial gas capacity, with another 4,300 tpd under execution across 10 contracts.
The company supplies on-site, merchant, packaged, and specialty gases, including , nitrogen, argon, hydrogen, carbon dioxide, and helium.
Its revenues reached around $340m in fiscal 2026, up 8.75% year-on-year.
