Raise $2.4 billion! Natural gas engine giant INNIO (INIO.US) landed on Nasdaq at the maximum price, with a valuation exceeding $20 billion.

German natural gas engine and power system manufacturer INNIO Holding (INIO.US) announced on June 3 that the pricing of its initial public offering (IPO) in the United States has been raised to $27 per share, reaching the upper limit of the previously set price range of $24 to $27. The size of the offering has also been increased, with the company ultimately selling 90 million shares (all existing shares), representing a 20% increase from the original plan. Through this oversubscribed IPO, INNIO raised approximately $2.4 billion. Based on this offering price, the company's fully diluted market value reaches $20.3 billion, with an enterprise value of approximately $22.2 billion. INNIO Group is a global leading manufacturer of reciprocating gas engines, with products widely used in power generation and gas compression sectors. The company's business is mainly divided into two segments: 1. Equipment segment: It owns the well-known brands Jenbacher and Waukesha, providing engines with output power ranging from 200 kW to 10 MW. These equipment are designed not only for burning natural gas but also compatible with alternative fuels including hydrogen, in line with the trend of energy transition. Its global installed base is approximately 44 GW, serving a wide range of customers in industries, utilities, as well as data centers across five continents. 2. Service segment: This segment mainly provides parts supply and maintenance services to the installed equipment, often under long-term contracts with customers. This high-stickiness business contributed about 48% of the company's revenue in the fiscal year 2025, providing stable cash flow support. Headquartered in Munich, Germany, the company will officially list on the NASDAQ stock exchange with the ticker symbol INIO. The IPO is led by Goldman Sachs Group, Inc., J.P. Morgan, Morgan Stanley, BofA Securities, Barclays, Citi, Baird, BNP Paribas, Deutsche Bank, RBC Capital Markets, and UBS Investment Bank as joint bookrunners.