Image used for representational purposes. File
| Photo Credit: Nissar Ahmad
The ongoing Initial Public Offer (IPO) rush has got the Gen-Next of Indian conglomerates getting into the mega fund-raising spree. This time, it is the scions of INOX Group who under two different companies have filed IPO draft offer documents to mobilise ₹ 10,000 crore each from the stock market.
The INOX Group’s division was formally settled in November 2021 through a family accord signed by patriarch Devendra Kumar Jain, splitting the near century-old conglomerate between his two sons, Pavan Jain and Vivek Jain.
Pavan Kumar Jain and his son Siddharth Jain as promoters of INOX Air Products along with U.S. firm Prodair Corporation, India’s largest integrated industrial gases company by revenue have filed papers for potential IPO size of approximately ₹10,000–₹11,000 crore (size as per industry and investment banking sources). It will be a 100% Offer For Sale.
The other side is led by Vivek Jain who runs INOXGFL Group as chairman. His son Devansh Jain and daughter-in-law Avarna Jain (daughter of RP-Sanjiv Goenka Group chairman Sanjiv Goenka) as promoters of INOX Clean Energy Ltd, an integrated renewable energy platform, have filed their company’s DRHP with SEBI for an IPO with total issue size aggregating up to Rs. 10,000 crore.
It comprises of a fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore. From the proceeds of the fresh issue ₹6,000 crore will go towards debt repayment and the rest to be used in General Corporate Purpose as per the filings.
INOX Clean Energy has two principal business verticals. Its renewable power generation business called “IPP Business”, comprises an aggregate renewable IPP portfolio of 9.29 GW across India and Africa.
Its solar manufacturing business, under which it currently manufactures solar photovoltaic (PV) modules, has an aggregate operational solar module manufacturing capacity of 6 GW across India and the United States, as of August 31, 2026.
Its solar cell manufacturing capacity is under construction in India and the United States.
On the other hand INOX Air Products is positioned as the largest integrated industrial, medical, electronic and specialty gases company in India by revenue, with a 22.4% market share in FY26, according to the CRISIL Report cited in the DRHP.
Air Products and Chemicals, Inc., through its subsidiary Prodair Corporation, acquired approximately 50% of the Company in 1999 through a joint venture arrangement, following which the Company was renamed INOX Air Products.
All the money raised from the IPO will go to the promoters which includes the Jains and Prodair Corporation and its parent Air Products Inc.
Published – October 02, 2026 04:01 am IST
