Shares of INNIO Group (NASDAQ:INIO) began trading at $31 on Thursday, marking a 14.8% increase over the IPO price after the company set its initial offering at $27 per share on Wednesday. The opening price reflects investors pricing in the stock above the public offering level.
The company increased the size of the deal to 90,000,000 common shares, up from an initial plan for 75,000,000 shares. All shares in the offering are secondary shares sold by the sole selling shareholder. As a result, INNIO itself will not receive any proceeds from the sale of these shares.
Underwriters handling the transaction received an option from the selling shareholder to buy up to an additional 13,500,000 common shares at the IPO price, less underwriting discounts and commissions. The offering is slated to close on June 5, 2026, provided customary closing conditions are satisfied.
Several major banks are coordinating the transaction. Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are acting as joint lead book-running managers. BofA Securities, Barclays and Citigroup are serving as book-running managers. Additional bookrunners on the deal include Baird, BNP Paribas, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank.
INNIO, which is headquartered in Munich, Germany, designs, manufactures and services power systems under its Jenbacher and Waukesha brands. According to the company, it operated in about 100 countries as of December 31, 2025, and employed more than 5,000 people worldwide.
Contextual note - The structure of the offering - being entirely secondary - means proceeds flow to the selling shareholder rather than to INNIO for corporate use. The underwriters' purchase option could increase the number of shares sold into the market if exercised.
The transaction remains subject to the standard conditions that accompany public offerings, with the scheduled close date set for June 5, 2026.