Inox Air Products filed its draft red herring prospectus with SEBI on 30 September 2026. The Inox Air Products IPO is a pure offer for sale of 7.71 crore equity shares. There is no fresh issue, so the company itself will not receive a rupee from the money raised.
The DRHP is the draft prospectus a company files with SEBI before an IPO. SEBI reads it, asks questions and clears it later. The price band, the dates and the issue size in rupees are all still unknown.
Why a pure offer for sale matters
In an offer for sale, existing shareholders sell shares they already own. The money goes to them, not into the company bank account. No new plant, no debt repayment, no working capital comes out of this issue.
Set that against Inox Clean Energy, which filed for a ₹10,000 crore IPO a day earlier, with ₹8,000 crore of it as fresh issue. That company is raising money to build. Inox Air Products is not.
A pure offer for sale is normal for a profitable business that does not need outside cash. It tells you what the issue is really for: letting existing owners sell part of their stake, and getting the shares listed.
How big is the business?
The company was incorporated in April 1963. It is jointly owned by the Inox Group and the US based Air Products Group. It describes itself as India largest industrial, medical, electronic and speciality gases company by revenue, with a 22.4 per cent market share in FY26.
It serves more than 3,000 customers from 57 locations across 15 states and one union territory. On site gas capacity is 16,074 tonnes per day. Merchant liquid gas capacity is 5,106 tonnes per day. It runs 739 cryogenic tankers.
| Figure | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | ₹2,789.8 crore | ₹3,033.9 crore | +8.8% |
| Net profit | ₹880.9 crore | ₹913.9 crore | +3.7% |
| Net margin (IPO Guru calculation) | 31.6% | 30.1% | Down |
Read the margin row first. The company keeps roughly ₹30 of every ₹100 of revenue as net profit. That is high for a manufacturer. Growth is the other half of the picture: profit rose 3.7 per cent in FY26, slower than revenue.
Who is selling
Four shareholders are selling in the offer. They are Inox Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance. The reports on the filing do not say how many shares each one is selling.
Kotak Mahindra Capital, Citigroup Global Markets India, ICICI Securities and JP Morgan India are the book running lead managers.
What happens next
SEBI now reviews the draft. Its observations usually take one to three months, and it can send the papers back for changes. Only after that does a company file a red herring prospectus carrying the price band, the lot size and the dates. Once SEBI clears it, the approval is valid for 12 months.
Until then there is no price band, no lot size and no grey market premium for this issue. New filings and launch dates show up on our upcoming mainboard IPO page, and dated issues appear on the IPO calendar.
