Mumbai-based industrial and medical gas maker Inox Air Products is preparing a USD 1 bn listing, with plans to file draft papers within a month, Reuters reports, citing unnamed sources.

Who’s who: Inox Air is a 60-year-old joint venture between India’s Inox Group and US-based Air Products and Chemicals, supplying industrial and medical gases across the steel, chemicals, and health sectors. It operates nearly 50 facilities across India, producing 4.2k tonnes of liquid gases daily for 1.8k customers.

Plus: Inox’s US partner Air Products and Chemicals holds a significant presence in the MENA region’s energy transition, and is lead partner in Saudi Arabia’s USD 8.5 bn Neom green hydrogen project.

Why it matters: Industrial gases are tightly linked to manufacturing and healthcare demand, positioning Inox as a node in India’s industrial growth. India’s industrial gas market, valued at USD 11.4 bn in 2023, is forecasted to grow to USD 21.6 bn by 2030.

ADVISORS- Kotak Mahindra Bank, JPMorgan Chase, and Citigroup were tapped as bookrunners for the listing, per the newswire.

Zetwerk eyes USD 4 bn valuation in market debut

Bengaluru-based manufacturing services platform Zetwerk has filed confidential draft papers for an IPO with India’s market regulator, targeting a raise of up to USD 550 mn at a valuation of around USD 4 bn, Reuters reports.

The offer comprises fresh equity worth USD 300 mn, with the remaining coming from an offer for sale. A confidential filing allows Zetwerk to test investor appetite before going public, with timing likely contingent on market stability.

Pre-IPO buzz: The firm is reportedly in discussions to raise up to INR 5 bn (USD 54 mn) in a pre-IPO round, with proceeds heading toward strengthening its balance sheet while offering a partial exit to early investors.

Gulf presence: Zetwerk operates as a global contract manufacturer across sectors such as electronics, renewables, aerospace, industrials, and consumer goods. The firm has an established entity in Dubai to tap into the region’s industrial and infrastructure projects, particularly in the oil, gas, and solar sectors. It operates over 20 manufacturing facilities across India, the US, Mexico, Europe, and Vietnam, serving the likes of Samsung, Volvo, and Honeywell.

ADVISORS- Eyeing a market debut later this year, the company has tapped Kotak Mahindra Capital, JM Financial, Avendus Capital, Goldman Sachs, Morgan Stanley, HSBC, and Pantomath Capital to manage the listing.

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