Madison Air Files for US IPO Following 2025 Revenue Growth
The HVAC firm reported 2025 sales of $3.34 billion as it prepares to list on the NYSE. Demand for its cooling systems is rising due to data center expansion.
Madison Air Solutions has officially filed for an initial public offering in the United States, revealing a significant surge in annual revenue as demand for data center cooling technology intensifies. The heating, ventilation, and air conditioning specialist reported that its net sales climbed to $3.34 billion for the fiscal year ended December 31, 2025, up from $2.62 billion in the previous year. Net income for the period was recorded at $124.3 million.
While the company did not disclose the specific size or terms of the offering in its Monday filing, previous reports suggested it could seek to raise at least $2 billion. Madison Air Solutions plans to list its shares on the New York Stock Exchange under the ticker symbol MAIR. This filing arrives amid a shift in the broader market for new listings. Although 2026 was initially projected to be a blockbuster year for IPOs, market volatility fueled by geopolitical tensions and a selloff in technology stocks has tempered expectations, making investors increasingly selective.
