Indoor air systems provider Madison Air Solutions files for an estimated $2 billion IPO
IPO Overview
Madison Air Solutions, which owns a portfolio of brands that make residential and commercial airflow products, filed on Monday with the SEC to raise what we estimate could be up to $2.0 billion in an initial public offering.
Madison Air Solutions develops and manufactures mission-critical indoor air quality and air-management technologies for commercial and residential environments. Its products regulate, cool, circulate, and purify air in demanding settings such as data centers, semiconductor fabrication facilities, workplaces, and homes, with brands including Nortek Air Solutions, Nortek Data Center Cooling, AprilAire, and Big Ass Fans. The company states that it generates a significant portion of revenue from its large installed base—about half of 2025 net sales came from replacement and upgrade demand and roughly 10% from aftermarket parts and services—helping provide recurring revenue and stability across economic cycles.
The Chicago, IL-based company was founded in 2017 and booked $3.3 billion in revenue for the 12 months ended December 31, 2025. It plans to list on the NYSE under the symbol MAIR. Madison Air Solutions filed confidentially on December 12, 2025. Goldman Sachs, Barclays, Jefferies, Wells Fargo Securities, BofA Securities, Citi, Baird, RBC Capital Markets, Guggenheim Securities, Santander, Nomura Securities, WR Securities, and CIBC World Markets are the joint bookrunners on the deal.
About the Company
At Madison Air, we see air differently. Our mission is to make the world safer, healthier and more productive through the power of better air. We’ve built a business that transforms air into tangible outcomes for customers, creating the potential for long-term growth opportunities for investors. We believe Madison Air is a leader in the mission-critical indoor air solutions market, powered by differentiated advanced technologies that deliver superior air quality and tangible results: higher productivity, lower energy costs and improved operational performance in the most demanding environments. From protecting uptime in a data center with Nortek Data Center Cooling, to purifying air in a semiconductor fabrication facility with Nortek Air Solutions, to keeping families safer with AprilAire’s Healthy Air System and improving workplace productivity, health and retention with Big Ass Fans – better air delivers better outcomes. That’s the Madison Air advantage. We believe our sustainable growth is powered by our resilient, diversified model spanning both Commercial and Residential markets. Anchored by a large installed base, approximately half of net sales for the year ended December 31, 2025, came from replacement and upgrade demand and approximately 10% from aftermarket parts and services, providing stability across cycles.
