In 1999, the INOX Group joined hands with the US-based Air Products Group. The partnership brought together the Indian group’s local operations and the American company’s experience in industrial gas technology.

Today, INOX Air Products works across three main business areas: on-site gas supply, merchant gases, and packaged and speciality gases.

On-site facilities produce gases close to the customer’s factory and supply them through dedicated systems. This arrangement is particularly useful for large industrial plants that need a steady supply of gases. Merchant gases are produced at separate plants and delivered to different customers. Packaged gases are supplied in cylinders and other containers for businesses that need smaller quantities or specialised products.

The company’s product range includes oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide. It also supplies medical oxygen, welding mixtures and speciality gas mixtures.

These products serve industries such as steel, oil and gas, chemicals, healthcare, pharmaceuticals, electronics, semiconductors, solar energy, glass, automotive manufacturing and other industrial activities.

According to the CRISIL report cited in the DRHP, INOX Air Products held a 22.4% share of India’s industrial, medical, electronic and speciality gases market by revenue in financial year 2026. The report also identified it as India’s largest integrated company in these categories by revenue.

As of 31 March 2026, the company served more than 3,000 customers. Its 10 largest customers had an average business relationship of 15.90 years, measured using revenue from operations.

Its operating network covered 57 locations across 15 states and one Union Territory. The company reported an on-site gas production capacity of 16,074 tonnes per day (TPD) and merchant liquid gas production capacity of 5,106 TPD.

With upcoming facilities included, these figures are expected to rise to 20,388 TPD for on-site gases and 6,027 TPD for merchant liquid gases.

Transport and storage are also central to its operations. The company had 739 cryogenic tankers and around 140,000 cylinders for distributing packaged and speciality gases.

Such infrastructure allows the company to supply customers spread across different parts of India. Industrial gases often need specialised storage and transport because they are stored under high pressure or at very low temperatures.

INOX Air Products has also entered areas that require gases with very high purity levels. Semiconductor production, solar cell manufacturing and advanced electronics depend on tightly controlled production conditions. Even small amounts of unwanted material can affect manufacturing quality.

The company commissioned an electronic-grade nitrous oxide facility in Chennai and an electronic-grade ultra-high-purity oxygen facility in Hosur, Tamil Nadu.

These facilities add to its presence in markets where gas purity and supply consistency are important for manufacturing processes.

Its work with the steel industry also includes a 2,150 TPD air separation unit at the Steel Authority of India’s Bokaro facility in Jharkhand. The plant was commissioned in January 2025.

Air separation units separate gases from atmospheric air. Oxygen, nitrogen and argon are among the gases produced through this process. Steel plants use them in different stages of production, including processes that require controlled temperatures and chemical reactions.

The proposed IPO will allow existing shareholders to sell part of their holdings through the stock market, subject to regulatory approvals and the final offer terms.

Since the issue does not include a fresh share sale, INOX Air Products will not receive funds from the proposed transaction. The sale will instead provide an opportunity for the existing shareholders to reduce or sell their stakes.

Investors will be able to study the company’s financial position, business operations, risks and valuation when the final offer documents and price details become available.

The filing also places attention on the company’s dependence on industries such as steel, chemicals, electronics and healthcare. Demand from these sectors, energy costs, plant operations and long-term customer contracts are among the factors that investors may examine when assessing its business.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited and J. P. Morgan India Private Limited have been appointed as the book-running lead managers for the offer.

The next steps will depend on regulatory review and the company’s decision on the timing and terms of the public issue. For now, the DRHP filing marks the beginning of the formal process towards a possible stock market listing for a business that has operated in India’s industrial gases sector for more than six decades.

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