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Madison Air Eyes $2.23B IPO, Biggest Industrial Listing in Decades
6 Apr
Summary
- Madison Air aims to raise up to $2.23 billion in its IPO.
- The company provides ventilation and filtration systems for various sectors.
- North America's aging housing stock fuels market growth for air systems.
Madison Air Solutions Corp. is seeking to raise as much as $2.23 billion in an initial public offering, which would be the largest US listing by an industrial company in nearly 30 years. The Chicago-based provider of ventilation and filtration systems plans to offer 82.7 million shares at a price between $25 and $27 each.
At the highest price, the IPO could value Madison Air at approximately $13.2 billion. The company's US commercial business, serving health care, data centers, manufacturing, and logistics, generated about two-thirds of its revenue last year. Its residential segment includes brands like AprilAire and Broan-NuTone.
In 2025, Madison Air reported a net income of $124 million on revenue of $3.34 billion. A year prior, it had $236 million in net income on $2.62 billion in revenue. The company's top 10 customers represented about 32% of its revenue last year.
Factors such as North America's aging housing stock, growth in data centers, and the reshoring of advanced manufacturing are expanding the estimated $40 billion market for specialized air systems. Madison Industries created Madison Air through acquisitions starting in 2017. Following the IPO, founder Larry Gies will retain control through super-voting shares. The company employed over 8,650 people at the end of last year.
