June 3 (Reuters) – Gas engine manufacturer Innio said on Wednesday it has raised $2.43 billion in its U.S. initial public offering, as investors flock to companies powering the AI boom.
Munich, Germany-based Innio’s principal shareholder AI Alpine, co-owned by funds managed by Advent International and the Abu Dhabi Investment Authority, sold 90 million shares in the IPO at $27 each, at the top of its indicated price range of $24 to $27.
The listing comes against a favorable backdrop for AI infrastructure-linked firms, with investors flocking to companies powering the technology’s buildout, from electrification to supply chain for data centers.
Innio is among several companies spanning sectors from software to insurance that are set to go public in New York on Thursday, supported by stronger markets and pent-up demand for new listings.
Goldman Sachs, J.P. Morgan and Morgan Stanley were joint lead book-running managers for the offering.
Innio will begin trading on the Nasdaq under the symbol “INIO” on Thursday.
Innio was formed after Advent agreed to buy General Electric’s distributed power business in a $3.25 billion deal in 2018. Five years later, sovereign wealth fund ADIA took a minority stake in the firm.
Under Advent’s ownership, Innio has sharpened its focus on high-growth opportunities and strengthened its North American footprint, ramping up investments in U.S. manufacturing and assembly capacity.
Innio makes gas engines under its Jenbacher and Waukesha brands for critical infrastructure, including data centers, microgrids, grid stabilization, industrial energy and gas compression.
Demand for its gas engines has grown as data center operators increasingly pair new facilities with on-site distributed power generation.
Innio’s annual data center equipment order intake increased to $2.28 billion in 2025, from $27 million in 2023. It has also landed marquee wins, including an agreement for a multi gigawatt power plant for a major data center.
(Reporting by Arasu Kannagi Basil and Angela Christy in Bengaluru; Editing by Shilpi Majumdar and Sherry Jacob-Phillips)
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