Madison Air Solutions, which owns a portfolio of brands that make residential and commercial airflow products, filed on Monday with the SEC to raise what we estimate could be up to $2.0 billion in an initial public offering.
Madison Air Solutions develops and manufactures mission-critical indoor air quality and air-management technologies for commercial and residential environments. Its products regulate, cool, circulate, and purify air in demanding settings such as data centers, semiconductor fabrication facilities, workplaces, and homes, with brands including Nortek Air Solutions, Nortek Data Center Cooling, AprilAire, and Big Ass Fans. The company states that it generates a significant portion of revenue from its large installed base—about half of 2025 net sales came from replacement and upgrade demand and roughly 10% from aftermarket parts and services—helping provide recurring revenue and stability across economic cycles.
The Chicago, IL-based company was founded in 2017 and booked $3.3 billion in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol MAIR. Madison Air Solutions filed confidentially on December 12, 2025. Goldman Sachs, Barclays, Jefferies, Wells Fargo Securities, BofA Securities, Citi, Baird, RBC Capital Markets, Guggenheim Securities, Santander, Nomura Securities, WR Securities, and CIBC World Markets are the joint bookrunners on the deal.
