Chicago’s Madison Air files for IPO in potentially largest US industrial debut since 1999

Chicago-headquartered Madison Air Solutions is preparing to go public with an offering that could be one of the largest U.S. industrial IPOs in recent history. The company plans could raise up to $2.23 billion, according to filings and reports. If shares are sold at the top range quoted in public announcements, the company's valuation could be approximately $13.2 billion, potentially making it the biggest U.S. industrial listing since United Parcel Service's debut in 1999, according to investment management site GuruFocus. Meanwhile, Law 360 called it the “Biggest US Debut of 2026” so far. 

Shares are slated to trade on the New York Stock Exchange under the ticker symbol MAIR and Leading firms assisting with the float include Goldman Sachs, Barclays, Jefferies, and Wells Fargo. 

Madison Air develops ventilation and filtration systems serving both commercial and residential markets. The company derives about two-thirds of its revenue from its U.S. commercial segment, encompassing healthcare, data centers, manufacturing, and logistics. In 2025, the company reported net income of $124 million on revenues of approximately $3.34 billion, slightly lower than the previous year's $236 million profit on $2.62 billion in revenue. 

Product offerings include brands such as Nortek Air Solutions, Nortek Data Center Cooling, AprilAire, and Big Ass Fans. When reporting on the IPO announcement, industry reports including investing.com noted several favorable industry trends which may support growth of these brands, including an aging housing stock across North America, ongoing expansion of data center capacity, and the reshoring of advanced manufacturing facilities. These factors help contribute to an estimated $40 billion market for specialized air systems, with potential for current trends to persist. 

According to Caproasia, Madison Air was founded in 2017, and the company describes itself on its own LinkedIn page as having a “unique business model” that “leverages the air expertise of our 8,500 passionate entrepreneurs who do air better than anyone.”