Overview
- Madison Air, which began trading Thursday on the NYSE as MAIR, raised about $2.23 billion at $27 a share and opened with a roughly $13.2–$13.3 billion valuation.
- The company sold 82,692,308 Class A shares and granted underwriters a 30‑day option for 12,403,846 more, alongside a $100 million private sale of Class B stock to an entity controlled by founder Larry Gies.
- Madison Air operates a portfolio of HVAC and indoor air‑quality brands including Nortek Air Solutions, AprilAire, Big Ass Fans, Broan‑NuTone, Addison and Reznor.
- Data centers account for about 13% of revenue, while the bulk of sales come from residential and commercial heating, cooling and ventilation products.
- In its filing, the company cited a roughly $40 billion North American market with about an 8% share and a $2.02 billion year‑end backlog, signaling a pipeline for future orders.