TDR Capital and I Squared Capital are exploring a potential IPO of Aggreko that could value the business at about $15bn, according to sources familiar with the matter cited by Bloomberg.

The firms have asked banks to pitch for a possible New York listing, which could take place as early as the second half of the year. In parallel, the private equity owners are also considering a minority stake sale, providing an additional route to generate liquidity.

Aggreko provides temporary power, heating, and cooling solutions to industries including energy, construction, and events. Demand for its services has rebounded following the pandemic, supported by the return of large-scale events and industrial activity.

TDR Capital and I Squared Capital acquired the company in 2021 in a $3.4bn take-private transaction.

The potential IPO reflects a broader trend of private equity firms seeking US listings to access deeper capital markets and higher valuations.

Deliberations are ongoing, and there is no certainty that a transaction will be completed. The process highlights continued private equity activity in infrastructure and energy-related services, as sponsors evaluate multiple exit routes to maximise value.

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