INOX Group heirs file separate ₹10,000‑crore IPOs for gases and clean‑energy units

Scions of the INOX Group have filed draft prospectuses to raise about ₹10,000 crore each through separate initial public offerings. The filings were made by two entities created after a 2021 family settlement that split the century‑old conglomerate between brothers Pavan Jain and Vivek Jain. Pavan Kumar Jain and his son Siddharth Jain, together with U.S. partner Prodair Corporation, are promoting INOX Air Products and seek a total issue of roughly ₹10,000‑₹11,000 crore in a 100 % offer‑for‑sale. INOX Air Products is the largest integrated industrial, medical, electronic and specialty gases firm in India, holding a 22.4 % market share in FY‑26 according to a CRISIL report. Prodair, a subsidiary of Air Products and Chemicals Inc., acquired about half of the company in 1999, after which the firm was renamed INOX Air Products. Vivek Jain, chairman of INOXGFL Group, heads INOX Clean Energy Ltd, where his son Devansh Jain and daughter‑in‑law Avarna Jain (daughter of RP‑Sanjiv Goenka Group chairman Sanjiv Goenka) act as promoters. Their draft prospectus calls for an issue size of up to ₹10,000 crore, split into a fresh issue of up to ₹8,000 crore and an offer‑for‑sale of up to ₹2,000 crore. ₹6,000 crore of the fresh capital will be used to repay debt; the remaining funds are earmarked for general corporate purposes. INOX Clean Energy runs a renewable power portfolio of 9.29 GW across India and Africa and operates solar photovoltaic manufacturing capacity of 6 GW in India and the United States, with additional solar‑cell capacity under construction. All proceeds from both IPOs will go to the promoters – the Jain family, Prodair Corporation and its parent Air Products Inc. ## Context The filings show how the second generation of Indian conglomerates is turning to large‑scale capital markets to fund expansion in renewable energy and industrial gases, sectors that are receiving strong policy support and investor interest.