ADIA & Advent-Backed Innio Targets $20.3 Billion Valuation in US IPO

Gas engine specialist Innio has unveiled plans for a major U.S. initial public offering, targeting a valuation of nearly $20.25 billion. The company is aiming to capitalise on surging investor interest in businesses supporting the rapid expansion of artificial intelligence infrastructure.

Share Sale Could Raise Over $2 Billion

The Munich-headquartered company’s main shareholder, AI Alpine, which is jointly backed by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA), plans to raise as much as $2.03 billion through the offering. The IPO will involve the sale of 75 million shares, expected to be priced between $24 and $27 each.

While concerns continue around the long-term impact of AI on traditional industries, market enthusiasm has increasingly moved toward companies supplying the backbone of the technology revolution. Businesses linked to power generation, electrification, and data centre supply chains are now being viewed as critical enablers of future AI growth.

Strong Optimism Surrounds AI-Linked IPOs

IPOX CEO Josef Schuster noted that companies connected to artificial intelligence and space technologies are currently benefiting from exceptionally positive market conditions. Speaking to Reuters, he said investor confidence remains high as these industries are widely expected to drive the next phase of global economic expansion. According to Schuster, the timing for IPOs in these sectors appears highly favourable.

Innio manufactures gas engines under the Jenbacher and Waukesha brands, supplying power solutions for essential infrastructure projects, including data centres. The company has seen significant momentum from the growing electricity requirements associated with AI expansion and large-scale computing facilities.

Data Centre Orders Witness Massive Growth

Demand for Innio’s equipment has surged sharply over the past few years. The company revealed that annual orders linked to data centre projects increased approximately sixteenfold between 2020 and 2025, reflecting the rapid pace of global AI infrastructure development.

Private equity firm Advent International established Innio as an independent company after acquiring General Electric’s distributed power division in a $3.25 billion transaction completed in 2018. Several years later, in 2023, Abu Dhabi sovereign wealth fund ADIA acquired a minority stake in the business.

Since coming under Advent’s ownership, Innio has expanded its presence across North America by increasing investment in U.S.-based manufacturing and assembly operations. The strategy has helped the company strengthen production capabilities while positioning itself closer to growing demand from American data centre operators.

Schuster also highlighted that investor sentiment surrounding the IPO may receive additional support from the strong market performance of former General Electric businesses, particularly GE Vernova, following their spin-offs.

Major Banks Lead Nasdaq Listing

The offering is being managed by Goldman Sachs, J.P. Morgan, and Morgan Stanley, which are serving as joint lead book-running managers. Innio intends to trade on the Nasdaq stock exchange under the ticker symbol “INIO.”