Madison Air Solutions' initial public offering (IPO) price range is set at $25 to $27 per share.

Investing.com – Madison Air Solutions Corporation plans to issue 82,692,308 shares of Class A common stock in an initial public offering, with an expected pricing range of $25.00 to $27.00 per share. The company’s Class A common stock has been approved to be listed on the New York Stock Exchange under the ticker symbol MAIR.

The Chicago-based indoor air quality and air management technology manufacturer will establish two classes of common stock after the offering. Class A common stock will have one vote per share, while Class B common stock will have 10 votes per share. Class B shares will convert into Class A shares upon the occurrence of certain events.

Madison Industries Holdings LLC, an entity controlled by founder Larry Gies, has agreed to purchase $100 million worth of Class B common stock at the IPO price in a concurrent private placement. The private placement shares will not be registered under the Securities Act of 1933, and the underwriters will not receive fees for this portion.

After this offering and the concurrent private placement are completed, Holdings will control all Class B common stock, giving Larry Gies approximately 95.2% of the voting power, provided the underwriters do not exercise their option to purchase additional shares. This structure will make Madison Air Solutions a “controlled company” under the corporate governance standards of the New York Stock Exchange. Under the director nomination agreement, Gies may initially nominate all directors.

Goldman Sachs, Barclays, Jefferies, and Wells Fargo Securities are serving as the joint lead underwriters. Other underwriters include Bank of America Securities, Citigroup, Baird, RBC Capital Markets, Guggenheim Securities, Santander Bank, Wolfe | Nomura Alliance, and CIBC Capital Markets.

Madison Air Solutions develops air quality technologies for commercial and residential environments (including data centers and semiconductor facilities), with brands including Nortek Air Solutions, AprilAire, and Big Ass Fans. The company generated revenue of $3.3 billion in the 12 months ended December 31, 2025, with approximately half of 2025 net sales coming from replacement and upgrade demand and approximately 10% from aftermarket parts and services.

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