Air Products and Chemicals, Inc.

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Bullish +72

Gas maker INOX Air Products plans $1 billion IPO, appoints bankers: Report

AI-generated analysis

πŸ“° INOX Air Products is planning a $1 billion initial public offering in Mumbai, according to three sources.

🀝 The company is a joint venture between American industrial gas maker Air Products and Chemicals and India's INOX Group.

🏦 Kotak, JPMorgan, and Citi have been appointed to manage the IPO process.

πŸ“„ The company intends to file its draft prospectus with the Indian securities regulator within one month for approval.

🏭 INOX Air Products operates nearly 50 locations across India and serves over 1,800 customers in 18 industries.

πŸ—οΈ The firm produces more than 4,200 tonnes per day of liquid gases for sectors like chemical, pharmaceutical, steel, and textiles.

πŸ’° Revenue for the financial year ending March 2025 stood at $295 million.

πŸ“ˆ India's industrial gases market was valued at $11 billion in 2023 and is projected to reach $21 billion by 2030.

⚠️ Sources declined to be named due to confidentiality, and the three companies involved have not yet commented on the report.

πŸ“‰ Overall IPO sentiment has weakened this year despite India remaining the world's second-largest IPO market in 2025.

Bullish Signals
  • INOX Air Products is planning a massive $1 billion IPO, indicating strong market confidence in the company's value and future growth prospects.
  • The company has appointed top-tier investment banks including Kotak, JPMorgan, and Citi to manage the offering, demonstrating high-level institutional support and credibility.
  • As a joint venture between American industrial gas leader Air Products and India's INOX Group, the business benefits from robust global expertise and local market connections.
  • The company operates nearly 50 locations across India, serves over 1,800 customers, and produces more than 4,200 tonnes per day of liquid gases, highlighting a solid operational footprint.
  • INOX Air Products generated $295 million in revenue for the financial year ending March 2025, reflecting strong commercial performance.
  • The broader Indian industrial gases market is poised to double in value, growing from $11 billion in 2023 to an estimated $21 billion by 2030 according to Grand View Research.
  • The company serves more than 18 diverse industries including chemical, pharmaceutical, steel, and textiles, providing multiple revenue streams and market stability.
Risk Factors
  • INOX Air Products' $1 billion IPO plans face a challenging environment as sentiment towards IPOs has weakened this year amid conflict in the Middle East, despite India being the world's second-largest IPO market in 2025.
  • Discussions surrounding the company's potential IPO remain confidential and sources declined to be named, indicating significant uncertainty about the timeline and terms of the deal.
  • The company relies on a joint venture structure between Air Products and INOX Group, which could introduce complex governance dynamics during an initial public offering.
  • Reuters received no comment from INOX Air Products, JPMorgan, Citi, or Kotak regarding the IPO plans, suggesting potential delays in public disclosure or strategic secrecy that may impact investor confidence.
  • The company's revenue of $295 million for the financial year ending March 2025 needs to be scrutinized against the scale of a $1 billion valuation, raising questions about growth sustainability and current profitability.
Full Analysis
Indian industrial and medical gas manufacturer INOX Air Products is preparing to launch a $1 billion initial public offering (IPO) in Mumbai, with the plan to file its draft prospectus with the Indian securities regulator within a month, according to sources familiar with the matter. The company, which operates as a joint venture between American industrial gas maker Air Products and Chemicals and India's INOX Group, has appointed Kotak Mahindra Capital Company, JPMorgan Chase, and Citigroup to manage the IPO process. All three appointees declined to comment on their involvement, while Reuters was the first media outlet to report the company's IPO intentions in India. INOX Air Products currently operates nearly 50 locations across India, producing over 4,200 tonnes per day of liquid gases and serving more than 1,800 customers across 18 industries including chemical, pharmaceutical, steel, and textiles sectors. For the financial year ending March 2025, the company reported revenue of $295 million. Industry analysis suggests the India industrial gases market was valued at $11 billion in 2023 and is projected to grow to $21 billion by 2030, according to market research specialist Grand View Research. While India remained the world's second-largest IPO market in 2025 based on LSEG data, sentiment towards new listings has weakened this year amid ongoing conflict in the Middle East. Despite the challenging environment, large ticket IPOs remain in the pipeline, including those from Indian billionaire Mukesh Ambani's Jio Platforms and India's largest exchange, National Stock Exchange, expected to file for IPOs soon. The company declined to comment on the report, and sources who provided information requested anonymity citing confidential discussions.