India’s IPO pipeline is continuously growing, and a new entrant comes from the industrial gases segment. According to reports, INOX Air Products is planning an ~INR 9,000 crore IPO, and the company has appointed Kotak, JPMorgan, and Citi as the lead bankers for the issue. The company is expected to file its DRHP with the SEBI in the upcoming months.
INOX Air Products operates as a joint venture between US-based Air Products & Chemicals and India’s INOX Group, creating a combination of global technological expertise and domestic execution strength. This structure has helped the company build a meaningful presence in India’s industrial and medical gases ecosystem, a segment that remains critical for both manufacturing and healthcare infrastructure.
Inox Air Products has built a strong footprint with 50 facilities across the country and a production capacity exceeding 4,200 tonnes per day of liquid gases. The company has a customer base of more than 1,800 clients across 18 industries, including chemicals, pharmaceuticals, steel, and textiles. In FY25, the company has reported revenue of USD 295 million (~INR 2,770 crore).
India’s industrial gases market, estimated at around USD 11 billion (~INR 1.03 lakh crore) in 2023, is projected to nearly double to USD 21 billion (~INR 1.97 lakh crore) by 2030. This growth is expected to be driven by a combination of rising manufacturing activity, expansion in healthcare infrastructure, and sustained demand from core sectors like metals and chemicals.
Inox Air Products IPO could serve as an important litmus test. Unlike high-growth, asset-light businesses, INOX Air Products operates in a capital-intensive segment where scalability depends on continuous investment and long-term contracts. This makes valuation a critical factor, especially in the current environment where investors are placing greater emphasis on profit visibility and return ratios rather than just growth narratives.
According to IPO Central’s data, the upcoming IPO pipeline has crossed the INR 2.70 lakh crore mark. So far, 147 companies have secured IPO approval, while 73 companies are currently awaiting approval. If this growth momentum persists, the upcoming IPO pipeline could even surpass the INR 3 lakh crore mark. Since the beginning of 2026, IPOs worth INR 18,530.04 crore have hit the market.
Another key aspect will be how the company positions its capital allocation strategy. Industrial gas businesses typically require sustained capex to expand capacity and maintain operational efficiency. Investors will closely track how the IPO proceeds are utilised and whether the company can translate industry tailwinds into consistent earnings growth.
