Madison Air jumps nearly 19% in NYSE debut after $2.2 billion US IPO
16/04/2026 18:00
Updates ** Heating, ventilation and air conditioning firm Madison Air Solutions' MAIR.N shares jump 18.5% in NYSE debut ** Stock opens at $32 apiece vs IPO price of $27 ** The indoor air systems provider sold 82.7 million shares late on Wednesday at the top end of marketed range of $25 to $27 apiece to raise $2.23 billion ** MAIR's $2.2 billion offering is the largest U.S. IPO so far this year and the biggest industrial IPO in New York since UPS raised $5.5 billion in 1999, according to Renaissance Capital, a provider of IPO-focused research and ETFs ** Madison Air was formed through a series of acquisitions beginning in 2017 under the ​leadership of Larry ⁠Gies, founder and CEO of privately held Madison Industries ** Rapid AI growth has fueled demand ‌for ⁠advanced cooling equipment to manage heat from power-intensive servers, benefiting Madison Air ** Goldman Sachs, Barclays, Jefferies and Wells Fargo Securities acted as lead bookrunning managers for the offering (Reporting by Arasu Kannagi Basil and Pragyan Kalita in Bengaluru) ((ArasuKannagi.Basil@thomsonreuters.com;))