INOX Air Products launches $1 billion IPO push in India. The industrial and medical gas maker, a joint venture between Air Products and Chemicals and INOX Group, has appointed Kotak, JPMorgan, and Citi to manage the offering. The company plans to file its draft prospectus within a month seeking regulatory approval. INOX operates nearly 50 locations across India, producing over 4,200 tonnes daily of liquid gases and serving more than 1,800 customers across 18 industries. With annual revenue of $295 million, the company is well-positioned in a rapidly expanding market. India's industrial gases sector was valued at $11 billion in 2023 and is projected to reach $21 billion by 2030. This IPO comes as India remains the world's second-largest IPO market, with other major offerings from Jio Platforms and National Stock Exchange expected soon.
