Madison Air

Last updated: April 17, 2026
Ticker
MAIR
Exchange
NYSE
IPO Date
Pending
Price Range
$25.00 - $27.00
Deal Size
$2,233 million
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Company Snapshot

Madison Air Solutions Corporation is a Delaware-based company specializing in indoor air quality solutions. The company operates through its subsidiaries, focusing on the design, manufacture, and distribution of HVAC systems and related products. Their key value proposition lies in treating air as a strategic asset, delivering measurable outcomes such as improved productivity and energy efficiency to customers.

Key Investors
Co-Investors LLC (*%), Kedge (1.0%)

Per S-1 disclosure; % may not sum to 100% when ownership is nested, multi-class, or reported on different bases.

Key Financials

Metric202520242023
Revenue$3.3B$490.5M$337.4M
YoY Growth+572.8%+45.4%-
Adjusted Net IncomeNot provided$236.2M$76.5M
Margin %-48.2%22.7%
EBITDA
$908.8M

Balance Sheet

Cash & Equivalents
$339.9M

Implied Valuation at Midpoint

Market Cap
$12.7B
P/S Ratio
3.9x

Based on price range midpoint and most recent fiscal year data.

S-1 Highlights

Market & Competition

Madison Air competes in the HVAC and indoor air quality market, facing competition from companies like Rheem Manufacturing Company and various local operators. The industry is characterized by a demand for technological innovation and reliable solutions.

Use of Proceeds

Proceeds from the IPO will be utilized to support the company's growth initiatives and strategic transactions, although specific allocations are not detailed.

Key Risk Factors

  • The company faces risks from disruptive technologies and new competitors as it integrates acquisitions into its portfolio.
  • Restrictions related to the Organizational Transactions may limit Madison Air's ability to raise capital and pursue strategic opportunities for at least two years.

Deal Structure

Primary Shares
82,692,308 shares
Shares Outstanding
488,926,325 shares
Post-IPO Float
16.9%
Lock-up
No Lock-up Agreement
Lead Underwriters
Goldman Sachs, Barclays, Jefferies, Wells Fargo Securities

Reported Broker Availability

FidelityFidelity

Reported by users or publicly disclosed. Information is for reference only.

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