Madison IPO Raises $2.23B, Shares Jump 17%

Madison Air Solutions completed a $2.23 billion IPO, the largest US industrial listing in nearly three decades.
Shares rose 17.3% to over $31.60, giving the Chicago‑based company a market valuation of about $13.4 billion.
The company sold 82.7 million shares at $25‑$27 each; underwriters were Goldman Sachs, Barclays, Jefferies and Wells Fargo.
Madison Air reported 2025 revenue of $3.34 billion and net income $124 million, with its top ten customers accounting for ~32% of sales.