Gas engine manufacturer Innio Holding GmbH has officially filed for an initial public offering in the United States, joining a cohort of industrial companies seeking to capitalize on the data center construction boom. The company, backed by private equity giant Advent and the Abu Dhabi Investment Authority, submitted its registration statement to the U.S. Securities and Exchange Commission.

According to the filing, Innio reported revenue of $668.6 million for the first quarter of 2026, with a net loss of $7.2 million. This compares to revenue of $494 million and a net profit of $35 million for the same period last year, marking a year-over-year shift from profitability to a loss. People familiar with the matter indicated that Advent is targeting an enterprise valuation of approximately $15 billion for Innio, based on valuation multiples of comparable listed peers.

Headquartered in Munich, Germany, Innio represents one of the industrial firms leveraging the artificial intelligence industry trend to pursue a public listing. Compiled data shows that ventilation and filtration systems supplier Madison Air Solutions Corp. has raised $2.57 billion, marking the largest U.S. industrial sector IPO since 1999. Peer companies that have gone public have also seen significant stock price appreciation: power equipment provider Forgent Power Solutions Inc. has seen its share price rise nearly 60% since its listing in February of this year, while engineering firm Legence Corp. has seen its stock surge over 250% since its market debut last September.

Innio's portfolio includes the Jenbacher and Waukesha engine brands and it offers the Myplant smart power plant AI software platform. The company operates production facilities in Austria, Canada, and the United States. In the first quarter of 2026, revenue from its top five customers accounted for approximately 39% of total revenue, indicating a relatively high degree of customer concentration.

The company originated from General Electric's distributed power business, which Advent acquired for $3.25 billion in 2018. ADIA announced its investment in Innio in 2023, with Advent retaining a controlling stake. The filing further discloses that following the IPO, Innio will continue to be controlled by an entity jointly backed by Advent and ADIA.

The offering is jointly led by Goldman Sachs, JPMorgan, and Morgan Stanley. The company's shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol INIO.