April 6 (Reuters) – Ventilation and filtration systems provider Madison Air Solutions said on Monday it was targeting a valuation of up to $13.2 billion in its U.S. initial public offering, in what could be the biggest U.S. IPO so far this year.
The Chicago, Illinois-based company is seeking up to $2.23 billion by offering roughly 82.7 million shares priced between $25 and $27 apiece.
The U.S. IPO market has struggled to gain traction over the past two months as prolonged market volatility linked to the ongoing Middle East conflict has slowed activity. Still, some corporate issuers, including defensible industrial names, have continued to steam ahead.
Madison Air was formed under the leadership of Larry Gies, founder and CEO of privately held Madison Industries, through a series of acquisitions beginning in 2017, according to its website.
Its brands include Nortek Air Solutions, Nortek Data Center Cooling and Big Ass Fans, which provide air quality and thermal management products for commercial, industrial and data center applications.
Forgent Power Solutions’ $1.74 billion IPO in February is currently the biggest U.S. IPO this year, according to data from Dealogic.
Morgan Stanley’s Counterpoint Global, Durable Capital Partners and HRTG GPE have separately indicated interest in purchasing up to $525 million of shares in the offering.
Separately, Larry Gies’ Madison Industries plans to buy $100 million of Madison Air shares in a concurrent private placement.
Goldman Sachs, Barclays, Jefferies and Wells Fargo Securities are the joint lead book-running managers for the offering.
Madison Air will list on the New York Stock Exchange under the symbol “MAIR”.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore and Tasim Zahid)
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