Deal Details

Madison Air Completes $2.2 Billion Initial Public Offering

Industrial

Madison Air initial public offering

Summary

Madison Air Solutions Corporation ("Madison Air" or the “Company”) recently announced the pricing of its initial public offering of 82,692,308 shares of its Class A common stock at a public offering price of $27.00 per share (the “Offering”). The underwriters have been granted a 30-day option to purchase up to an additional 12,403,846 shares of Madison Air’s Class A common stock. Concurrently, Madison Industries Holdings LLC (“Madison Industries”) purchased in a concurrent private placement transaction $100 million of Class B common stock at a price per share equal to the initial public offering price (the “concurrent private placement”).

Madison Air generated approximately $2.3 billion in aggregate primary gross proceeds from the Offering and the concurrent private placement. Madison Air intends to use the net primary proceeds for repayment of certain indebtedness.

Baird served as a Bookrunner on the Offering.

Key Offering Metrics

Pricing Date - April 15, 2026
Exchange / Ticker - NYSE / MAIR
Initial Filing Range - $25.00 - $27.00
Offer Price - $27.00
Base Offering Size - $2.2 billion (100% primary)
Overallotment Option - $334.9 million (100% primary)
Total Offering Size - $2.6 billion
Concurrent Private Placement - $100.0 million
Diluted Market Cap - $13.4 billion
Enterprise Value - $16.5 billion
Owner - Madison Industries
Execution - 8-day roadshow
Cornerstone Investors - Counterpoint Global (Morgan Stanley Investment Management), Durable Capital Partners LP and HRTG GPE, LLC (up to an aggregate of $536.5 million in shares of Class A common stock)

About

Madison Air has a portfolio of leading air quality businesses that operate in high-value niches adjacent to traditional HVAC across Commercial and Residential markets. Through its portfolio of trusted brands, including Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor, the Company helps customers improve performance, protect critical assets and create healthier indoor environments. Madison Air's mission is to make the world safer, healthier and more productive through the power of better air. Madison Air is headquartered in Chicago, Illinois.

Madison Industries is one of the largest and most successful privately held companies in the world. Madison Industries builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. The team at Madison Industries is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential. Madison Industries is headquartered in Chicago, Illinois.

Industrial

Madison Air initial public offering