Madison Air Solutions Raises $2.23bn in Largest US IPO of 2026

The air quality solutions provider begins trading on the NYSE under ticker 'MAIR'.

Apr. 17, 2026 at 5:41am

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A high-end, photorealistic studio still-life photograph featuring a sleek, modern HVAC unit, a brushed metal air vent, and a digital control panel arranged elegantly on a clean, monochromatic background, conceptually representing the advanced technology and premium quality of Madison Air Solutions' products.The successful IPO of Madison Air Solutions highlights the growing demand for innovative air quality and climate control solutions.Chicago Today

Madison Air Solutions, a Chicago-based provider of air quality solutions for residential and commercial markets, raised $2.23 billion by pricing its IPO at $27 per share, the top of its targeted range. The offering values the group at approximately $13.2 billion, excluding the potential exercise of the over-allotment option granted to underwriters.

Why it matters

The Madison Air Solutions IPO marks the largest US public offering so far in 2026, underscoring strong investor demand for companies providing critical infrastructure and services in the growing air quality and climate control sectors.

The details

The company's portfolio includes well-known brands such as AprilAire, Big Ass Fans, Nortek Air Solutions, and Nortek Data Center Cooling, with exposure to data centers, healthcare, education, industrial and other demanding environments. In 2025, Madison Air Solutions generated $3.3 billion in net sales and $124.3 million in net income, with the commercial segment accounting for 66% of total revenue.

  • On Thursday, April 17, 2026, Madison Air Solutions began trading on the New York Stock Exchange.
  • The IPO pricing and offering is scheduled to close on Friday, April 18, 2026.

The players

Madison Air Solutions

A Chicago-based provider of air quality solutions for residential and commercial markets, with a portfolio that includes AprilAire, Big Ass Fans, Nortek Air Solutions, and Nortek Data Center Cooling.

Larry Gies

The founder of Madison Air Solutions, who is participating in a concurrent $100 million private placement of Class B shares.

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The takeaway

The successful Madison Air Solutions IPO highlights the growing importance of air quality solutions and climate control technologies, as businesses and consumers seek to address rising energy costs, environmental concerns, and the need for more efficient and sustainable building systems.