The German manufacturer of natural gas engines and power generation systems, INNIO Holding GmBH (INIO.US), announced on June 3 that it has priced its US initial public offering at the top of its indicated range. The IPO was priced at $27 per share, the high end of the previously announced $24 to $27 range.

Furthermore, the size of the offering was increased. The company ultimately sold 90 million shares, all of which were secondary shares from existing shareholders, representing a 20% increase from the originally planned 75 million shares.

This oversubscribed IPO has enabled INNIO to raise approximately $2.4 billion in capital. Based on the final offering price, the company's fully diluted market capitalization reaches $20.3 billion, with an enterprise value of approximately $22.2 billion.

The Company's Core Business Segments

INNIO Group is a global leader in the manufacturing of reciprocating gas engines, with products widely used in power generation and gas compression. The company's operations are divided into two main segments.

The Equipment segment features two well-known brands, Jenbacher and Waukesha, offering engines with power outputs ranging from 200 kilowatts to 10 megawatts. These engines are designed to run on natural gas and are also compatible with alternative fuels, including hydrogen blends, aligning with the global energy transition. The company's global installed base is approximately 44 gigawatts, serving a diverse clientele across industries, utilities, and data centers on five continents.

The Services segment primarily provides parts supply and maintenance for the installed base of equipment, typically under multi-year contracts with customers. This high-retention business contributed about 48% of the company's revenue for the 2025 fiscal year, providing a stable source of cash flow.

Headquartered in Munich, Germany, the company will list on the Nasdaq exchange under the ticker symbol "INIO." The IPO was managed by a consortium of joint book-running managers, including Goldman Sachs, J.P. Morgan, Morgan Stanley, BofA Securities, Barclays, Citi, Baird, BNP Paribas, Deutsche Bank, RBC Capital Markets, and UBS Investment Bank.