Industrial aerospace firm Madison Air is advancing plans for an initial public offering valued at $2.1 billion, marking a significant milestone in its growth trajectory. The company aims to list on a U.S. exchange later in 2026.
- Madison Air is preparing for a $2.1 billion IPO with a target debut in Q3 2026
- The company reported $740 million in revenue for FY 2025, up 32% YoY
- IPO includes 65 million shares priced between $28 and $32 per share
- Net proceeds expected to total $1.82 billion to $2.08 billion
- Backlog of $1.3 billion in firm orders through 2028 supports growth narrative
- Proceeds to fund $500 million R&D in hydrogen-powered aircraft systems
Madison Air, a privately held industrial aerospace manufacturer specializing in advanced airframe systems and sustainable propulsion components, has formally initiated preparations for a public offering with a targeted valuation of $2.1 billion. The company has engaged global investment banks to lead the underwriting process, with plans to debut on a major U.S. stock exchange in the third quarter of 2026. The IPO follows a period of strategic expansion, including the acquisition of two European-based technology firms in late 2024 and the launch of a new electric propulsion prototype that has attracted partnerships with regional air carriers and defense contractors. Madison Air reported $740 million in revenue for the fiscal year 2025, a 32% year-over-year increase, driven by demand for lightweight composite materials and digital flight control systems. Investors are expected to see strong demand, given the company's consistent EBITDA margins of 21% and a backlog of $1.3 billion in firm orders through 2028. The offering will include a primary share issuance of 65 million shares at an expected price range of $28 to $32 per share, providing the company with $1.82 billion to $2.08 billion in net proceeds. The public listing is anticipated to significantly enhance Madison Air’s capital access, supporting its $500 million R&D initiative focused on hydrogen-powered aircraft systems. Market participants will also watch closely for the IPO’s pricing, which could signal broader sentiment toward industrial tech and aerospace innovation in the current equity environment.