Power Equipment Firm Innio Rises 23% After $2.43 Billion IPO
(Bloomberg) -- Shares of Innio Holding GmbH gained 23% after the gas engine maker’s biggest shareholders raised $2.43 billion in an initial public offering.
The company’s shares closed at $33.30 on Thursday, compared to the initial public offering price of $27 each. The trading gave the Munich-based company a market value of about $25.5 billion, based on the outstanding shares listed in its filings.
The offering consisted of 90 million shares sold by private equity firm Advent and the Abu Dhabi Investment Authority, up from the 75 million that were marketed for $24 to $27 each.
Innio sells engines under the brands Jenbacher and Waukesha and offers an AI-powered software platform for power plants called Myplant, according to its website. The company has production hubs in Austria, Canada and the US, its filings show.
The company’s five largest customers accounted for about 39% of its revenue in the first three months of 2026. Innio reported a net loss of $9 million on revenue of $668.6 million in the first quarter compared to net income of $35 million on revenue of $494 million in the same period the year before.
Innio is joining several other industrial firms going public this year, tapping interest from investors searching for companies that benefit from the artificial intelligence boom.
In April, Madison Air Solutions Corp., a ventilation and filtration systems firm, raised $2.57 billion in the biggest US industrial-sector IPO since 1999, data compiled by Bloomberg show. A February listing by fellow power equipment maker Forgent Power Solutions Inc. raised $1.74 billion.
Advent bought Innio, which was previously General Electric Co.’s distributed power business, for $3.25 billion in 2018.
ADIA agreed to acquire a stake in the company in 2023, with Advent remaining the majority owner, according to a statement at the time. After the offering, an entity backed by Advent and ADIA was set to control 90% of Innio, according to a filing. Advent indirectly controls 54% of the vehicle and ADIA has about 45%.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley worked on on the IPO. The shares trade on the Nasdaq Global Select Market under the symbol INIO.
(Updates shares in first two paragraphs.)
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