Madison Air Solutions Corp. opened public trading with a sharp gain on Thursday, climbing 17.3% after completing a $2.23 billion initial public offering - a milestone that makes it the largest U.S. industrial company listing in nearly three decades.
As of 1:20 p.m. in New York the stock was trading above $31.60, compared with the IPO price of $27 per share. The company sold 82.7 million shares after marketing the offering in a range of $25 to $27 each. Based on the trading, Madison Air carries an approximate market capitalization of $13.4 billion.
Market context and scale
The transaction is the biggest U.S. initial public offering by an industrial firm since United Parcel Service Inc. raised $5.5 billion in 1999. Madison Air, formed through a series of acquisitions beginning in 2017 under parent Madison Industries, provides ventilation and filtration systems across its operations.
At the end of last year the company employed more than 8,650 people.
Financial snapshot
Madison Air reported net income of $124 million on revenue of $3.34 billion for 2025. By comparison, the company posted net income of $236 million on revenue of $2.62 billion in 2024. The company said its top 10 customers accounted for roughly 32% of revenue in the most recent year.
Underwriting and distribution
The offering was led by Goldman Sachs Group Inc., Barclays Plc, Jefferies Financial Group Inc. and Wells Fargo & Co.
Conclusion
Thursday's trading reflected investor demand that pushed Madison Air's shares meaningfully above the IPO price, giving the newly public ventilation and filtration company a multibillion-dollar market valuation on its first full day of trading.