Madison Air Solutions, which owns a portfolio of brands that make residential and commercial airflow products, raised $2.2 billion by offering 82.7 million shares at $27, the high end of the $25 to $27 range.
Cornerstone investors indicated on $525 million of the IPO, or 24% of the deal. Parent Madison Industries Holdings, which is controlled by Madison Air's founder Larry Gies, agreed to purchase an additional $100 million worth of Class B shares in a concurrent private placement at the offer price.
Madison Air's $2.2 billion offering represents the largest US IPO of 2026 so far, and the largest IPO from the industrials sector since UPS raised $5.5 billion in 1999 (note that we categorize 2019 IPO Uber in the tech sector, though certain firms tag it as industrials).
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 will trade on the NYSE under the symbol MAIR. 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 acted as joint bookrunners on the deal.
