Ventilation and filtration systems supplier Madison Air Solutions announced on Monday that it is targeting a valuation of up to $13.2 billion for its initial public offering (IPO) in the United States. This offering could potentially become the largest IPO in the U.S. so far this year. The company plans to raise up to $2.23 billion by issuing approximately 82.7 million shares, with a price range set between $25 and $27 per share. Madison Air Solutions intends to list on the New York Stock Exchange under the ticker symbol "MAIR."

The U.S. IPO market has struggled to regain momentum over the past two months, as prolonged market volatility linked to ongoing conflicts in the Middle East has slowed the pace of new listings. Despite this, several corporate issuers—including industrial companies with defensive characteristics—are continuing to move forward with their listing plans.

According to the company’s website, Madison Air Solutions was formed under the leadership of Larry Gies, founder and CEO of Madison Industries, through a series of acquisitions and integrations that began in 2017. Its portfolio of brands includes Nortek Air Solutions, Nortek Data Center Cooling, and Big Ass Fans, which provide air quality and thermal management products for commercial, industrial, and data center applications.

Counterpoint Global, a unit of Morgan Stanley, along with Durable Capital Partners and HRTG GPE, have expressed interest in purchasing up to $525 million in shares collectively as part of the offering. In addition, Madison Industries plans to acquire $100 million worth of Madison Air Solutions shares through a concurrent private placement.