Innio Holding GmbH, the gas engine and power solutions provider backed by Advent International and the Abu Dhabi Investment Authority (ADIA) has filed for a US initial public offering, according to a report by Bloomberg.
The moves comes as the firm positiond itself to capitalise on rising investor appetite for industrial companies benefiting from growth in data centres and artificial intelligence-related power demand.
The Munich-based group disclosed a shift into loss in its latest quarterly results, reporting a $7.2m net loss on $668.6m in revenue for the first three months of 2026. This compares with net income of $35m on $494m in revenue a year earlier, according to its SEC filing.
Market sources indicate Advent could pursue a valuation of around $15bn for the business, based on peer trading multiples, although no final pricing range has been confirmed.
Innio operates in a sector experiencing renewed investor momentum, with industrial and energy infrastructure companies increasingly benefiting from the build-out of AI-enabled data centres and electrification trends. Recent US listings in the space have seen strong aftermarket performance, including ventilation and filtration specialist Madison Air Solutions Corp., which completed a $2.57bn IPO, the largest US industrial listing since 1999 based on Bloomberg data.
Innio manufactures industrial engines under the Jenbacher and Waukesha brands and also operates an AI-enabled power plant optimisation platform, Myplant. The company maintains manufacturing sites across Austria, Canada and the US, according to the filing. It also highlighted customer concentration risk, with its five largest clients accounting for approximately 39% of revenue in the first quarter.
The business has undergone significant ownership changes in recent years. Advent acquired the company – formerly General Electric’s distributed power division – for $3.25bn in 2018, while ADIA took a minority stake in 2023. Post-IPO, Innio is expected to remain controlled by Advent- and ADIA-linked entities.
Goldman Sachs, JPMorgan and Morgan Stanley are acting as joint bookrunners on the offering, with shares expected to list on the Nasdaq Global Select Market under the ticker INIO.
