Deal Details

INNIO Completes $2.43 Billion Initial Public Offering

Industrial

INNIO initial public offering

Summary

INNIO Group ("INNIO" or the “Company”) (NASDAQ: INIO), a portfolio company of Advent International (“Advent” or the “Selling Shareholder”), recently announced the pricing of its upsized initial public offering of 90,000,000 shares of its common stock at a public offering price of $27.00 per share (the “Offering”). The Selling Shareholder has granted the underwriters a 30-day option to purchase up to an additional 13,000,000 shares of INNIO’s common stock.

The Offering generated approximately $2.43 billion in secondary gross proceeds for the Selling Shareholder. INNIO will not receive any proceeds from the sale of common stock by the Selling Shareholder.

Baird served as a Bookrunner on the Offering.

Key Offering Metrics

Pricing Date - June 3, 2026
Exchange / Ticker - NASDAQ / INIO
Initial Filing Range - $24.00 - $27.00
Offer Price - $27.00
Initial Shares Offered - 75,000,000
Final Shares Offered - 90,000,000
Base Offering Size - $2.43 billion (100% primary)
Overallotment Option - $364.5 million (100% primary)
Total Offering Size - $2.79 billion
Diluted Market Cap - $20.3 billion
Enterprise Value - $22.1 billion
Sponsor - Advent International
Execution - 7-day roadshow

About

INNIO is a globally distributed energy solutions provider that delivers reliable, flexible, transient, decentralized, modular and efficient power. With a track record of innovation, INNIO designs, manufactures and services high performance power systems under its Jenbacher and Waukesha brands. The Company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression. INNIO has a global coverage across approximately 100 countries as of December 31, 2025, supported by a resilient, high margin services business that delivers long term, recurring revenues across the full equipment lifecycle. As electricity demand accelerates—driven by AI, electrification and grid constraints—INNIO enables scalable, behind the meter power generation with high efficiency, fast-start capability, strong transient performance and fuel flexibility, including hydrogen ready solutions. INNIO employs over 5,000 people worldwide and is committed to moving energy forward. INNIO is headquartered in Munich, Germany.

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs and founders to help transform businesses. With 16 offices across five continents, Advent oversees more than $100 billion in assets under management as of September 30, 2025, and has made 448 investments across 44 countries. Since its founding in 1984, Advent has developed specialist market expertise across its five core sectors: business & financial services, consumer, healthcare, industrial and technology. This approach is bolstered by its deep sub-sector knowledge, which informs every aspect of its investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. Advent brings hands-on operational expertise to enhance and accelerate businesses. Advent is headquartered in Boston, Massachusetts.

Industrial

INNIO initial public offering