Madison Air Solutions Raises $2.23 Billion in US IPO
Madison Air Solutions (MAIR.N), a Chicago-based heating, ventilation, and air conditioning (HVAC) company, announced on Wednesday that it raised $2.23 billion in the largest US initial public offering (IPO) so far this year.
The company sold 82.7 million shares at $27 each, above the marketed price range of $25 to $27, valuing the IPO at $13.2 billion.
Investors showed interest in infrastructure and data center-related companies due to increasing cooling and energy needs driven by AI expansion, amid geopolitical tensions in the Middle East affecting the US IPO market.
Matt Kennedy, a strategist at Renaissance Capital, highlighted Madison Air’s industrial prowess in data center construction, comparing it to other successful companies in the field.
Madison Air targets a North American market worth around $40 billion, where it holds about 8% market share, with data centers being one of the fastest-growing verticals.
Before Madison Air, Forgent Power’s $1.74 billion IPO in February was the largest in the US this year, according to Dealogic.
Founded in 2017 through acquisitions, Madison Air provides air quality solutions for residential and commercial clients in sectors like data centers, advanced manufacturing, education, and healthcare.
Commercial activities accounted for 66% of the company’s total revenue last year, with the rest coming from residential segments.
Formerly known as Madison Indoor Air Quality, the company was established under Larry Gies, founder and CEO of private company Madison Industries, with a $2.02 billion order backlog as of December 31.
Goldman Sachs, Barclays, Jefferies, and Wells Fargo Securities were the lead underwriters for the IPO. Madison Air will begin trading on the New York Stock Exchange on Thursday under the symbol “MAIR.”
