Ride the AI infrastructure trend to go public! Innio (INIO.US) IPO priced at 24-27 US dollars per share, with a valuation of 19.2 billion US dollars, exceeding expectations.

Gas engine and power system manufacturer Innio Holding (INIO.US) announced the terms of its initial public offering (IPO) on Tuesday. The company, headquartered in Munich, Germany, plans to raise $1.9 billion by offering 75 million shares of stock (100% secondary offering) at a price range of $24 to $27 per share. Based on the midpoint of the price range, Innio's fully diluted market value would reach $19.2 billion, exceeding market expectations. Innio specializes in reciprocating gas engines for power generation and gas compression. The company's business is divided into two main segments, equipment and services, and it owns the Jenbacher and Waukesha engine brands. Its products range from 200 kilowatts to 10 megawatts and can use alternative energy sources such as natural gas and hydrogen. The company currently has an installed capacity of approximately 44 gigawatts, with customers on five continents, including industrial enterprises, utilities, and data centers. The services segment accounts for around 48% of revenue in the 2025 fiscal year, providing parts and maintenance services through long-term contracts tied to existing equipment. Founded in 1906, Innio achieved revenue of $2.8 billion in the 12-month period ending March 31, 2026. The company plans to list on the Nasdaq under the ticker symbol INIO. Goldman Sachs Group, Inc., JPMorgan, Morgan Stanley, Bank of America Securities, Barclays, Citigroup, Baird, BNP Paribas, Deutsche Bank Aktiengesellschaft, Royal Bank of Canada Capital Markets, and UBS Group AG Investment Banks are the joint underwriters for the transaction. Pricing is expected to take place in the week of June 1, 2026. Innio was previously known as the GE Aerospace Distributed Power business segment, acquired by private equity firm Advent for $3.25 billion in 2018 and received investment from the Abu Dhabi Investment Authority (ADIA) in 2023. According to the prospectus, after the IPO, Innio will continue to be jointly owned by Advent and ADIA. It was previously reported that Advent was seeking a total valuation of around $15 billion for Innio. Interestingly, Innio is one of the industrial companies seeking to go public amidst the current trend in the AI industry. Ventilation equipment company Madison Air Solutions Corp (MAIR.US) has raised $2.57 billion, setting the largest IPO record in the U.S. industrial sector since 1999. Since going public in mid-April, Madison Air's stock price has risen by 59%. Other companies in the same industry have also performed well after going public: power equipment supplier Forgent Power Solutions Inc. (FPS.US) has seen an 85% cumulative increase in its stock price since its IPO in February; engineering company Legence Corp. (LGN.US) has surged over 200% since going public in September last year, with a 102% increase year-to-date. Currently, Wall Street investment banks are leading several companies in the data center industry chain to push for IPOs, with expected fundraising amounts in the billions. From ventilation equipment manufacturers to nuclear power companies, various enterprises going public are emphasizing their business ties with the data center sector. Eddie Moroy, Co-Head of Global Equity Capital Markets at Morgan Stanley, stated, "Although the frenzy of IPOs for data center companies has not yet arrived, this sector will undoubtedly be a core investment theme in 2026, 2027, and 2028, and the IPO wave is building up."