Catenaa, Monday, April 06, 2026- In the biggest US listing of an industrial company after three decades, Madison Air Solutions is seeking to raise as much as $2.23 billion in its IPO.
The Chicago-based provider of ventilation and filtration systems is selling 82.7 million shares for $25 to $27 each, according to a filing Monday with the US Securities and Exchange Commission.
The IPO is expected to price on April 15, based on a marketing presentation.
At the top of the price range, the IPO would be the biggest by an industrial company in the US since United Parcel Service went public in a $5.5 billion listing in 1999, according to data compiled by Bloomberg.
Madison Air would have a market value of about $13.2 billion at the top of the range, based on the number of outstanding shares listed in the filing.
Morgan Stanley Investment Management, Durable Capital Partners, and HRTG GPE have expressed interest in buying as much as $525 million of shares in the offering, according to the filing.
Madison Air’s US commercial business, which includes health care, data centers, manufacturing, and logistics, drove about two-thirds of revenue last year, according to the filing. The residential segment includes the AprilAire, Broan-NuTone, and Zephyr brands.
Investors have rewarded all manner of companies that provide infrastructure and services for data centers.
Shares of engineering firm Legence advanced 110% from the company’s September IPO through last week, while electrical equipment player Vertiv Holdings had notched a gain of more than 2,000% since going public via a blank-check merger in 2020.
The company had net income of $124 million on revenue of $3.34 billion for 2025, compared with net income of $236 million on revenue of $2.62 billion a year earlier.
Madison Air’s top 10 customers accounted for about 32% of revenue last year, the filing shows.
North America’s aging housing stock, data center growth, and reshoring of advanced manufacturing are increasing the size of the estimated $40 billion market for specialized air systems, according to the filing.
Madison Industries formed Madison Air through a series of acquisitions beginning in 2017, its website shows. It had more than 8,650 employees at the end of last year.
After the IPO, founder Larry Gies will control the company through ownership of all of its super-voting shares, according to filings. Madison Industries, which is controlled by Gies, will buy $100 million of those shares from Madison Air at the IPO price.
The offering is being led by Goldman Sachs Group, Barclays, Jefferies Financial Group, and Wells Fargo.
The company expects its shares to trade on the New York Stock Exchange under the symbol MAIR.
