June 3 - Innio, a gas engine manufacturer headquartered in Munich, said on Wednesday that it raised $2.43 billion through its U.S. initial public offering. The company’s principal shareholder, AI Alpine - which is co-owned by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA) - sold 90 million shares at $27 each, the top end of an indicated price range of $24 to $27.
The offering was supported by joint lead book-running managers Goldman Sachs, J.P. Morgan and Morgan Stanley. Innio will begin trading on the Nasdaq under the ticker symbol "INIO" on Thursday.
Market backdrop and investor interest
The listing takes place in a market environment that has favored companies with exposure to infrastructure supporting artificial intelligence and data center buildouts. Investors have shown an appetite for businesses involved in electrification and the supply chains that underpin new data center capacity, which helped drive interest in Innio’s offering.
Company background and ownership
Innio emerged after Advent acquired General Electric’s distributed power business in a $3.25 billion transaction in 2018. ADIA became a minority stakeholder five years later. Under Advent’s stewardship, Innio refocused its strategy toward higher-growth market segments and expanded its presence in North America, increasing investments in U.S. manufacturing and assembly capabilities.
Products and end markets
Innio manufactures gas engines under the Jenbacher and Waukesha brands for applications in critical infrastructure. Its products serve a range of uses, including data centers, microgrids, grid stabilization, industrial energy and gas compression.
Demand for distributed on-site power has risen as data center operators increasingly pair new facilities with local generation. Innio reported that its annual order intake for data center equipment rose to $2.28 billion in 2025, up from $27 million in 2023.
The company has also secured major projects, including an agreement to supply equipment for a multi-gigawatt power plant for a large data center operator.
What the IPO means
The $2.43 billion raised through the sale of 90 million shares at $27 each represents pricing at the top of the stated range, signaling strong investor demand for Innio’s growth profile and its role in supporting data center and critical infrastructure power needs. The listing places Innio among several companies across industries pursuing public listings in New York, supported by improved market conditions and pent-up demand for new equity issues.
Note: This article presents the facts as disclosed by Innio regarding its IPO, ownership, product mix and recent order intake. It does not add commentary beyond those disclosures.