Madison Air priced its initial public offering at the top of the expected range on Wednesday, April 15, 2026, and plans to list on the New York Stock Exchange under the ticker MAIR. The offering includes 82.7 million shares and a concurrent private placement tied to founder Larry Gies.
Key Insights
- Madison Air Solutions priced its IPO at $27 per share, selling 82,692,308 shares of Class A common stock.
- The offering raised $2.23 billion and was described by Reuters as the biggest U.S. IPO so far in 2026.
- The company said the shares are expected to begin trading on the NYSE on April 16, 2026, under the symbol MAIR.
- Madison Air granted underwriters a 30-day option to buy up to 12,403,846 additional shares.
- The company also agreed to a $100 million concurrent private placement of Class B common stock to an investor controlled by founder Larry Gies.
- In its March 9 IPO filing, Madison Air reported 2025 net sales of $3.34 billion and net income of $124.3 million.
IPO Pricing and Listing Plans
Madison Air Solutions Corporation, an air-quality and HVAC company based in Chicago, said on Wednesday that it had priced its initial public offering at $27.00 per share, the top of the marketed range of $25 to $27. The company said it is selling 82,692,308 shares of Class A common stock in the offering.
According to the company’s press release, the shares are expected to begin trading on the New York Stock Exchange on April 16, 2026, under the ticker symbol MAIR, and the offering is expected to close on April 17, 2026, subject to customary closing conditions. Madison Air said the registration statement for the securities had been filed with, and declared effective by, the U.S. Securities and Exchange Commission.
The company also granted the underwriters a 30-day option to purchase up to an additional 12,403,846 shares at the initial public offering price, less underwriting discounts and commissions. Goldman Sachs, Barclays, Jefferies and Wells Fargo Securities are serving as lead bookrunning managers, with BofA Securities, Citigroup, Baird, RBC Capital Markets, Guggenheim Securities, Santander, Wolfe | Nomura Alliance and CIBC Capital Markets among the book-running managers.
Concurrent Private Placement
In addition to the public offering, Madison Air said it has agreed to sell $100.0 million of its Class B common stock in a concurrent private placement to one of its existing investors, an entity controlled by founder Larry Gies. The company said the private placement will be priced at the same per-share amount as the IPO and will not be registered under the Securities Act of 1933.
The press release said the private placement is expected to close concurrently with the IPO. It also said the offering is being made only by means of a prospectus.
Company Background and Business
Madison Air said in its press materials that it is an air-quality solutions provider for commercial and residential markets. The company said its portfolio includes brands such as Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor.
Reuters reported that the company was formed in 2017 through a series of acquisitions and was previously known as Madison Indoor Air Quality. Reuters also said Madison Air provides air systems for residential and commercial customers, including data centers, advanced manufacturing, education and health care.
In its March 9 filing, Madison Air said its net sales rose to $3.34 billion in the year ended December 31, 2025, from $2.62 billion a year earlier. The filing also showed net income of $124.3 million in 2025. Reuters reported that commercial business accounted for 66% of total sales last year.
Filing History and Market Context
Madison Air first confidentially filed for an initial public offering in December 2025, according to Reuters. The company later made its IPO paperwork public on March 9, 2026, when it disclosed its 2025 financial results.
Reuters reported that investors have shown appetite for infrastructure and data-center-linked businesses because of rising cooling and power needs tied to artificial intelligence expansion. In that March 9 report, Reuters also said Madison Air estimated that its products address roughly a $40 billion North American market and that it held about an 8% share, according to the filing. Reuters added that the company reported a $2.02 billion backlog as of December 31.
Madison Air’s IPO comes after the company’s public filing process moved through the SEC in March and its pricing announcement on April 15. The SEC’s filing index shows the S-1 was filed on March 9, 2026, and lists Madison Air Solutions Corp. as the filer under accession number 0001193125-26-098829.
As of the company’s April 15 pricing announcement, Madison Air’s IPO has been priced and the shares are expected to start trading on April 16 under MAIR. The company said the offering is expected to close on April 17, subject to customary closing conditions, while the concurrent private placement is expected to close at the same time.
