Madison Air has started a formal investor roadshow for a proposed initial public offering of 82,692,308 shares of its common stock, the company said. The share price is being marketed in a preliminary range of $25.00 to $27.00 per share.
The company intends to pursue a public listing on the New York Stock Exchange and plans to trade under the ticker symbol "MAIR." According to the announcement, Madison Air expects to apply net proceeds from the offering toward repayment of specified debt obligations.
Leading the transaction as joint lead book-running managers are Goldman Sachs & Co. LLC, Barclays, Jefferies and Wells Fargo Securities. A broader syndicate of joint bookrunners includes BofA Securities, Citigroup, Baird, RBC Capital Markets, Guggenheim Securities, Santander, Wolfe | Nomura Alliance and CIBC Capital Markets. Additional co-managers named in the filing are Comerica Securities, William Blair, Stifel, Capital One Securities and PNC Capital Markets LLC.
Madison Air has filed a registration statement with the Securities and Exchange Commission in relation to the proposed offering; the filing has not yet become effective. The company operates air quality businesses across both commercial and residential markets through a portfolio of brands that includes AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions and Reznor.
Offer mechanics and intended use of proceeds
The firm is offering 82,692,308 common shares with a preliminary pricing band of $25.00 to $27.00 per share. Management indicated that net proceeds will be dedicated to repaying certain indebtedness, a use of capital explicitly stated in the company announcement accompanying the roadshow launch.
Underwriting and syndicate
A full complement of investment banks is in place to manage the transaction. The joint lead book-runners are Goldman Sachs & Co. LLC, Barclays, Jefferies and Wells Fargo Securities, supported by a group of joint bookrunners and additional co-managers to handle distribution and investor outreach during the roadshow.
Regulatory status
The registration statement referenced in the announcement remains filed but not yet effective with the SEC. That status indicates the offering is in the marketing and regulatory phase prior to any final pricing or sale of shares.
Investors should note the company described its operations as spanning commercial and residential air quality markets and listed the principal brands through which it conducts business. Beyond the targets for pricing and the stated use of proceeds, the announcement did not include further financial detail in the filing made public alongside the roadshow news.