INOX Air Products Limited

Draft Red Herring Prospectus dated September 30, 2026

Summary

The IPO is an offer for sale of 7,71,56,663 shares by existing shareholders; INOX Air Products Limited receives none of the money. The document does not yet state the price.

The review found 4 points to read closely and 7 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Land or assets bought from related parties
3. Large share of the issue is an offer for sale
4. Licences and approvals pending, expired or not renewed

How the capital was built

• The last priced issue of shares was on 1 Feb 1997: 4,400 shares to the promoter group at ₹90 each (1 allottee, including people linked to the promoters); it came about 30 years before this prospectus.

Conclusion

Of the 4 points to read closely, 2 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; land or assets bought from related parties), 1 concerns how the IPO money will be spent and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: a small, high-priced issue of shares shortly before the IPO; group entities in the same business; promoters sold or transferred shares shortly before the IPO. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 54, 57, 78, 88, 556 and 568.