Madison Air Solutions is seeking to raise up to $2.23bn in an initial public offering, positioning the private equity-backed industrial platform for one of the largest US listings in decades, according to sources cited by Bloomberg.

The company plans to sell 82.7m shares at a price range of $25 to $27 each, implying a market valuation of approximately $13.2bn at the top end.

The IPO would mark the largest US industrial listing since United Parcel Service’s $5.5bn debut in 1999, highlighting renewed investor appetite for infrastructure-linked businesses.

Madison Air was formed through a series of acquisitions by Madison Industries beginning in 2017, reflecting a classic private equity buy-and-build strategy to scale a diversified industrial platform.

The company provides ventilation and filtration systems across commercial and residential markets, with its US commercial segment, including data centres, healthcare, manufacturing, and logistics, accounting for around two-thirds of revenue.

The business generated $124m in net income on $3.34bn in revenue in 2025, compared with $236m on $2.62bn in 2024, reflecting continued top-line growth alongside margin pressure.

The offering comes as investor interest in data centre infrastructure continues to accelerate. Comparable companies such as Vertiv have seen significant share price appreciation, supported by demand for AI-related infrastructure.

Madison Air estimates its addressable market at approximately $40bn, driven by structural tailwinds including data centre expansion, ageing housing stock, and reshoring of advanced manufacturing.

Following the IPO, founder Larry Gies is expected to retain control through super-voting shares, maintaining strategic direction while accessing public markets capital.

The transaction is being led by Goldman Sachs, Barclays, Jefferies, and Wells Fargo, with shares expected to trade on the New York Stock Exchange under the ticker MAIR.

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