Madison Air Raises $2.23 B, Shares Jump 16% in Biggest Industrial IPO Since 1999
Madison Air Solutions raised $2.23 billion by selling 82.7 million shares at $25–$27 each in the largest US industrial IPO since 1999, with its stock jumping 16% to $31.26 on debut. The Chicago-based ventilation and filtration provider commands a $13.2 billion market value and taps into a $40 billion specialized air systems market driven by data centers and manufacturing reshoring.
1. IPO Details
Madison Air Solutions sold 82.7 million shares at $25–$27 each, raising $2.23 billion in its New York debut. The stock opened at $31.26, reflecting a 16% gain over the $27 IPO price.
2. Market Valuation
Post-IPO, the company’s outstanding shares imply a $13.2 billion market capitalization, marking the largest US industrial listing since United Parcel Service raised $5.5 billion in 1999. Investor appetite was fueled by industrial exposure linked to technology trends.
3. Business Exposure
Madison Air’s product portfolio spans liquid, hybrid and air cooling systems, serving data centers (20% of commercial sales), semiconductor manufacturing, life sciences and residential applications. Operating under 30-plus brands, its commercial segment generated about two-thirds of 2025 revenue, positioning it in a $40 billion market for specialized air systems.