Madison Air IPO Values HVAC Maker at $15.7B on NYSE Debut
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Madison Air opened at $32 per share on the NYSE, above its $27 offer price, reaching a $15.7 billion valuation
- The Chicago-based HVAC company raised $2.23 billion by selling 82.7 million shares at the top end of its $25-$27 marketed range
- Per Renaissance Capital, this is the largest US IPO of 2026 to date and the biggest industrials-sector listing since United Parcel Service raised $5.5 billion in 1999
- Madison Air generated about 66% of its revenue from its commercial segment last year, with brands including Nortek Air Solutions and Nortek Data Center Cooling
- Founded in 2017 through a series of acquisitions and formerly known as Madison Indoor Air Quality, the company was formed under Larry Gies, founder and CEO of Madison Industries
- The debut comes amid an uneven US IPO market hit by tech sell-off, private credit strains, and an ongoing Middle East conflict, even as demand persists for companies tied to AI infrastructure
- HVAC and cooling equipment makers have ridden a surge in data center demand driven by rapid AI and cloud computing growth and the need to manage heat from power-intensive servers
Why it matters: Madison Air's $2.23 billion raise is the largest US IPO of 2026 and the biggest industrials listing in 27 years, signaling that investor appetite for AI-infrastructure plays remains strong even as the broader IPO market stays uneven. With 66% of revenue from commercial clients and a dedicated Nortek Data Center Cooling brand, the company is directly leveraged to the buildout of power-hungry AI data centers.
Ask SkimNews
