The Indian IPO market is shaking off the geopolitical jitters. INOX Air Products—a massive joint venture between U.S. giant Air Products and Chemicals and India’s INOX Group—is officially gearing up for a blockbuster $1 billion public debut.
💰 THE DEAL METRICS:
- The Raise: A staggering $1 billion target.
- The Syndicate: Wall Street heavyweights JPMorgan and Citi, alongside local giant Kotak, have been tapped to manage the offering.
- The Timeline: The company plans to file its draft prospectus with the Indian securities regulator within the next month.
🏭 THE BUSINESS & MACRO CATALYST:
- The Scale: INOX isn’t a speculative tech startup. It generated $295 million in revenue (FY25), operating nearly 50 locations and producing over 4,200 tonnes of liquid medical and industrial gases daily for 1,800+ customers.
- The TAM Expansion: The Indian industrial gases market is on an absolute tear, projected to nearly double from $11 billion in 2023 to $21 billion by 2030 as manufacturing and infrastructure boom.
💡 THE BOTTOM LINE: India was the world’s second-largest IPO market in 2025. While the ongoing conflict in the Middle East has recently dampened broader market sentiment, this $1 billion filing proves that the pipeline is still wide open for high-quality, foundational assets. With other mega-deals like Jio Platforms and the National Stock Exchange waiting in the wings, global capital is clearly still hungry for the “India Growth Story”—especially in critical, hard-asset infrastructure.
👇 Emerging Markets & Equity Investors: With India’s industrial gas market set to hit $21B by 2030, are heavy-industry and infrastructure IPOs becoming a safer, more attractive bet than the highly volatile tech sector?