Ventilation and filtration system supplier Madison Air Solutions (MAIR.US) prices IPO at $25-27 per share, aiming to raise $2.23 billion.

Ventilation and filtration system supplier Madison Air Solutions announced on Monday that its target valuation in its initial public offering (IPO) in the United States could reach as high as $13.2 billion, potentially making it the largest IPO in the United States so far this year. The company plans to raise up to $2.23 billion by issuing approximately 82.7 million shares at a price range of $25 to $27 per share. The company plans to list on the New York Stock Exchange under the ticker symbol "MAIR". Over the past two months, the US IPO market has been struggling to regain momentum due to long-term market volatility related to ongoing conflicts in the Middle East. However, some issuers, including industrials with defensive attributes, are still moving forward with their IPO plans. According to the company's website, Madison Air Solutions was established through a series of acquisitions and integrations under the leadership of Larry Gies, founder and CEO of Madison Industries, starting in 2017. Its brands include Nortek Air Solutions, Nortek Data Center Cooling, and Big Ass Fans, which provide air quality and heat management products for commercial, industrial, and data center applications. Counterpoint Global, Durable Capital Partners, and HRTG GPE, all under Morgan Stanley, have expressed interest in collectively subscribing to up to $525 million worth of shares in this offering. Additionally, Madison Industries plans to purchase $100 million worth of Madison Air Solutions shares through a concurrent private placement.