March 9 (Reuters) – Madison Air Solutions on Monday disclosed a surge in its 2025 revenue as the heating, ventilation and air conditioning company made public paperwork for its U.S. initial public offering.
Expectations that 2026 would be a blockbuster year for U.S. initial public offerings have cooled as market volatility surged in recent weeks due to geopolitical tensions and a selloff in technology stocks.
Still, bankers and analysts say the IPO window remains open, though investor demand has become more selective.
Madison Air said its net sales rose to $3.34 billion in the year ended December 31, from $2.62 billion a year ago. Its net income stood at $124.3 million in 2025.
The company did not disclose the size and terms of its offering on Monday, but a Bloomberg News report in January said it could seek to raise at least $2 billion in the offering.
Madison Air’s popular brands include Nortek Air Solutions and Nortek Data Center Cooling, which provide air quality and thermal management products for commercial, industrial and data center applications.
Manufacturers of heating and cooling systems have benefited from a surge in data centers, as the rapid growth of artificial intelligence and cloud computing drives demand for advanced cooling equipment to manage heat from power-intensive servers.
The company’s commercial business accounted for 66% of total sales last year, with the rest coming from the residential segment.
Madison Air, which confidentially filed for an IPO in December, plans to list on the New York Stock Exchange under the ticker “MAIR.”
The company was formed through a series of acquisitions beginning in 2017, according to its website. Goldman Sachs, Barclays, Jefferies and Wells Fargo Securities are the lead underwriters of the listing.
(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)
Comments