INOX Air Products, a joint venture between US-based Air Products and Chemicals and India's INOX Group, is preparing a $1 billion initial public offering in Mumbai. The company, which produces industrial and medical gases, has appointed Kotak, JPMorgan and Citi as bankers for the offering, sources said.
INOX Air Products is gearing up for what could be one of India's largest IPOs, valued at $1 billion, to be listed on the Mumbai stock exchange. Sources familiar with the matter confirmed the plans to The Economic Times, highlighting the company's ambition to tap into public markets amid a robust demand for industrial gases in India. The IPO comes as the industrial and medical gas sector sees growing interest from investors. The company operates as a 50:50 joint venture between American industrial giant Air Products and Chemicals and the Indian conglomerate INOX Group. Together, they produce a range of gases essential for manufacturing, healthcare and other sectors. This move positions INOX Air Products to expand its footprint in India's competitive gases market. Bankers Kotak Mahindra Bank, JPMorgan Chase and Citigroup have been selected to manage the share sale. No specific timeline for the IPO has been disclosed, but the appointments signal that preparations are advancing. The development underscores ongoing consolidation and growth in India's industrial gases industry.