INNIO Holding GmBH (INIO) shares surged 14.81% intraday on Thursday, marking a strong debut on the Nasdaq Global Select Market. The gas-engine maker began trading under the symbol INIO following its initial public offering.

The company's upsized IPO was priced at $27 per share, the top end of its marketed range of $24 to $27. The offering was increased to 90 million shares from 75 million, raising over $2.4 billion for selling shareholder AI Alpine, which is co-owned by Advent International and the Abu Dhabi Investment Authority.

Investor enthusiasm is largely attributed to INNIO's strategic position in supporting the artificial intelligence infrastructure boom. The company's gas engines, sold under the Jenbacher and Waukesha brands, are in high demand from data center operators seeking alternative power systems to address grid constraints. INNIO's data center equipment order book has surged to $1 billion as of March 31, reflecting the immense energy requirements of generative AI technology.