Gas engine manufacturer Innio announced on Tuesday that it is seeking a valuation of up to USD20.25B through its planned U.S. initial public offering, aiming to capitalise on growing investor interest in companies supporting the rapid expansion of artificial intelligence infrastructure.
The Munich-headquartered company’s principal shareholder, AI Alpine — jointly owned by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA) — plans to raise as much as USD2.03B by offering 75 million shares at a price range of USD24 to USD27 each.
While concerns remain over AI’s long-term impact on traditional business models, investor attention has increasingly shifted towards the infrastructure and enabling technologies that support AI deployment, including power generation, electrification and data centre supply chains.
According to IPOX CEO Josef Schuster, investor sentiment is becoming increasingly favourable towards sectors linked to AI and space exploration, particularly ahead of the anticipated SpaceX public offering.
He noted that many investors view companies operating in these industries as potential drivers of the next phase of global economic expansion.
As a result, market conditions for upcoming IPOs in AI-related and space-focused sectors remain highly supportive, reflecting strong investor optimism.
Innio manufactures gas-powered engines under its Jenbacher and Waukesha brands, supplying critical infrastructure projects such as data centres, where electricity demand has surged alongside AI adoption.
The company reported that annual orders for data centre-related equipment increased approximately sixteenfold between 2020 and 2025, highlighting the sector’s rapid growth.
Advent International established Innio as an independent business following the acquisition of General Electric’s distributed power division in a USD3.25B transaction completed in 2018. ADIA subsequently acquired a minority stake in the company in 2023.
Since coming under Advent’s ownership, Innio has expanded its presence across North America, increasing investments in U.S. manufacturing operations and assembly capabilities.
Schuster added that investor confidence could also be be supported by the strong market performance of former General Electric businesses following their separation, particularly GE Vernova.
Goldman Sachs, J.P. Morgan and Morgan Stanley are serving as joint lead book-running managers for the offering. Innio intends to list its shares on the Nasdaq under the ticker symbol “INIO”.
