INNIO Holding, a producer of natural gas engines and power generation systems, announced terms for its IPO on Tuesday.
The Munich, Germany-based company plans to raise $1.9 billion by offering 75 million shares (100% secondary) at a price range of $24 to $27. At the midpoint of the proposed range, INNIO Holding would command a fully diluted market value of $19.2 billion.
Innio Group is a manufacturer of reciprocating gas engines for power generation and gas compression applications. The company operates two segments: Equipment and Services, selling engines under its Jenbacher and Waukesha brands, which range from 200 kW to 10 MW in output and are designed to run on natural gas as well as alternative fuels including hydrogen blends. Its installed base of approximately 44 GW spans industrial, utility, and data center customers across more than five continents. The Services segment, which accounted for approximately 48% of FY2025 revenue, provides parts and maintenance under multi-year contracts tied to the installed base.
INNIO Holding was founded in 1906 and booked $2.8 billion in revenue for the 12 months ended March 31, 2026. It plans to list on the Nasdaq under the symbol INIO. Goldman Sachs, J.P. Morgan, Morgan Stanley, BofA Securities, Barclays, Citi, Baird, BNP Paribas, Deutsche Bank, RBC Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price the week of June 1, 2026.
