TDR Capital and I Squared Capital have appointed banks to work on a potential $15bn US initial public offering of Aggreko, according to a report by Bloomberg citing people familiar with the matter.
Goldman Sachs, JPMorgan and Bank of America are reportedly advising on the planned share sale, which could take place as soon as the second half of 2026. The listing could value Aggreko at around $15bn, the people said, though deliberations remain ongoing and details may change. Additional banks may be added to the syndicate at a later stage.
Aggreko provides temporary power, heating and cooling equipment to a range of end markets, including data centres and large-scale events. Its solutions are used across applications ranging from backup power generation to major sports events.
TDR and I Squared acquired the business in a £2.6bn take-private transaction in 2021. The company employs more than 6,900 people across over 60 locations globally.
A potential US listing would place Aggreko among a growing number of UK-headquartered companies opting to list in the US in pursuit of deeper capital pools. The IPO pipeline for industrials businesses remains active despite broader market volatility.
US IPO activity has already exceeded $20bn year-to-date, more than double the level seen over the same period last year, underscoring a reopening of equity capital markets following a subdued period.
