Key insights
- Madison Air Solutions is launching its IPO at $25-$27 per share, listing on the NYSE under 'MAIR'. A dual-class share structure concentrates voting power with founder Larry Gies. While the IPO itself has limited direct market impact, the company's focus on air quality solutions for data centers and semiconductor facilities could signal growth in those sectors. However, the concentrated voting control may deter some investors.
Investing.com -- Madison Air Solutions Corporation plans to offer 82,692,308 shares of Class A common stock in its initial public offering, with an estimated price range of $25.00 to $27.00 per share. The company’s Class A common stock has been approved for listing on the New York Stock Exchange under the ticker MAIR.
The Chicago-based manufacturer of indoor air quality and air-management technologies will establish two classes of common stock following the offering. Class A common stock will carry one vote per share, while Class B common stock will carry 10 votes per share. Class B shares will convert to Class A shares upon certain events.
Madison Industries Holdings LLC, an entity controlled by founder Larry Gies, has agreed to purchase $100.0 million of Class B common stock in a concurrent private placement at the IPO price. The private placement shares will not be registered under the Securities Act of 1933 and underwriters will not receive fees on this portion.
Following the offering and concurrent private placement, Holdings will control all Class B common stock, giving Larry Gies approximately 95.2% of voting power, assuming underwriters do not exercise their option to purchase additional shares. This structure will make Madison Air Solutions a "controlled company" under NYSE corporate standards. Gies may initially nominate all directors under a director nomination agreement.
Goldman Sachs & Co. LLC, Barclays, Jefferies, and Wells Fargo Securities serve as lead bookrunners. Additional underwriters include BofA Securities, Citigroup, Baird, RBC Capital Markets, Guggenheim Securities, Santander, Wolfe | Nomura Alliance, and CIBC Capital Markets.
Madison Air Solutions develops air quality technologies for commercial and residential environments, including data centers and semiconductor facilities, under brands such as Nortek Air Solutions, AprilAire, and Big Ass Fans. The company reported $3.3 billion in revenue for the 12 months ended December 31, 2025, with about half of 2025 net sales coming from replacement and upgrade demand and roughly 10% from aftermarket parts and services.
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