Power Equipment Firm Innio’s Backers Raise $2.43 Billion in IPO

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Gas engine manufacturer Innio Holding GmbH’s biggest shareholders raised $2.43 billion in an upsized initial public offering that priced at the top of the range.

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(Bloomberg) — Gas engine manufacturer Innio Holding GmbH’s biggest shareholders raised $2.43 billion in an upsized initial public offering that priced at the top of the range.

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The Munich-based company sold 90 million shares for $27 each, according to a statement Wednesday. The company had marketed 75 million shares for $24 to $27 each on behalf of private equity firm Advent and the Abu Dhabi Investment Authority.

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At the IPO price, Innio has a market value of about $20.7 billion, based on the outstanding shares listed in its filings. The offering attracted demand for a double-digit multiple of the number of available shares, Bloomberg News reported earlier.

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Innio sells engines under the brands Jenbacher and Waukesha, and offers an AI-powered software platform for power plants called Myplant, according to its website. The company has production hubs in Austria, Canada and the US, its filing shows.

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The company’s five largest customers accounted for about 39% of its revenue in the first three months of 2026. Innio reported a net loss of $9 million on revenue of $668.6 million in the first quarter compared to net income of $35 million on revenue of $494 million in the same period the year before, the filing shows.

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Innio is joining several other industrial firms going public this year, tapping interest from investors searching for companies that benefit from the artificial intelligence boom.

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In April, Madison Air Solutions Corp., a ventilation and filtration systems firm, raised $2.57 billion in the biggest US industrial-sector IPO since 1999, data compiled by Bloomberg show. A February listing by fellow power equipment maker Forgent Power Solutions Inc. raised $1.74 billion.

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Advent bought Innio, which was previously General Electric Co.’s distributed power business, for $3.25 billion in 2018.

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ADIA agreed to acquire a stake in the company in 2023, with Advent remaining the majority owner, according to a statement at the time. After the offering, an entity backed by Advent and ADIA will control 90% of Innio, the filing shows. Advent indirectly controls 54% of the vehicle and ADIA has about 45%.

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Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are working on the IPO. The shares are expected to trade on the Nasdaq Global Select Market under the symbol INIO.

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