Madison Air $MAIR raises $2.2B at $27 in largest 2026 IPO

Madison Air $MAIR priced its initial public offering at $27 a share and raised about $2.2 billion, according to MarketWatch’s April 16 report. The deal is large enough to qualify as a Tier-1 IPO event: MarketWatch described it as the largest IPO of 2026 and the largest industrial-sector IPO since 1999. The company’s shares were set for NYSE trading under the ticker $MAIR.

The primary filings show the listing mechanics. Madison Air Solutions Corp filed an amended Form S-1 on April 6 and an NYSE-linked Form 8-A on April 16. The company sells indoor air-quality, ventilation and related building systems, which places the listing in a capital-goods pocket rather than the software and AI names that have dominated recent issuance.

The $2.2 billion raise is material for the IPO market because it tests institutional demand for cyclical industrial exposure while equity indexes are already near record levels. A successful first session would support the argument that new-issue appetite has broadened beyond technology. A weak debut would signal that size alone is not enough when investors are still pricing war-driven energy costs and uncertain construction demand.

The deal also matters for private-equity exit windows. Large industrial IPOs require investors to underwrite margin durability, replacement-cycle demand and exposure to commercial real estate spending. Madison Air’s S-1 gives the market a fresh benchmark for how public investors value building-products cash flows at a time when rates, energy prices and capex plans remain volatile.

The next watchpoints are the opening trade, first-day volume, underwriter stabilization activity, and any greenshoe exercise. After listing, investors will shift quickly from IPO size to quarterly evidence: order growth, backlog conversion, margin resilience and how management frames 2026 demand across residential, commercial and industrial channels.