Madison Air Solutions, a ventilation equipment firm headquartered in Chicago, has officially initiated its initial public offering (IPO) in the U.S. stock market. The company intends to issue 82.7 million shares, priced between $25 and $27 each, aiming to raise up to $2.23 billion. With a targeted valuation reaching as high as $13.2 billion, this IPO has the potential to rank among the largest in the U.S. in 2026.

Under the leadership of Larry Gies, the founder and CEO of Madison Industries, Madison Air Solutions has been built through a series of acquisitions and integrations since 2017. It now owns well - known brands such as Nortek Air Solutions, Nortek Data Center Cooling, and Big Ass Fans. The company mainly offers air quality and thermal management products tailored for commercial, industrial, and data center settings.

This IPO comes at an opportune moment, as investor interest in infrastructure related to data center expansion is on the rise. Counterpoint Global, a subsidiary of Morgan Stanley, along with Durable Capital Partners and HRTG GPE, have signaled their intention to collectively subscribe for shares worth up to $525 million. Meanwhile, Madison Industries also plans to take part in private placements and subscribe for $100 million worth of shares.