CHICAGO: Madison Air Solutions Corp raised US$2.23bil in the biggest US listing of an industrial company in close to three decades.
The Chicago-based provider of ventilation and filtration systems sold 82.7 million shares at US$27 each after marketing them for US$25 to US$27, according to a statement. The offering was multiple times oversubscribed, people familiar have said.
The pricing gives the company a market value of US$13.2bil based on the number of outstanding shares listed in its filings.
Morgan Stanley Investment Management, Durable Capital Partners LP and HRTG GPE LLC had expressed interest in buying as much as US$525mil of shares in the offering, the filings showed.
The IPO is the biggest by an industrial company in the US since United Parcel Service Inc went public in a US$5.5bil listing in 1999, according to data compiled by Bloomberg.
It’s the latest, and largest, in a series of debuts from companies in the sector with a tie to the data-centre boom.
Shares of Legence Corp have surged 148% since the engineering company’s September IPO, while power-equipment maker Forgent Power Solutions Inc is up 20% since debuting in February.
Madison Air’s US commercial business – which includes healthcare, data centres, manufacturing and logistics – drove about two-thirds of revenue last year, according to filings. The residential segment includes the AprilAire, Broan-NuTone and Zephyr brands.
North America’s ageing housing stock, data centre growth and reshoring of advanced manufacturing are increasing the size of the estimated US$40bil market for specialised air systems, according to the company.
The company had net income of US$124mil on revenue of US$3.34bil for 2025, compared with net income of US$236mil on revenue of US$2.62bil a year earlier.
The shares started trading yesterday on the New York Stock Exchange under the symbol MAIR. — Bloomberg
