Innio (INIO proposed), a manufacturer of natural gas engines and power generation systems, gave IPO investors their first look at its IPO’s terms – 75 million shares at a price range of $24.00 to $27.00 – to raise $1.91 billion, if priced at the $25.50 mid-point of its range. The principal shareholder – AI Alpine (Luxembourg) – is also the selling shareholder – and it’s offering all the stock in the IPO. The parent company – Innio Holding – and its U.S. subsidiary, Innio Group – will not receive any proceeds from the IPO, according to the prospectus. At pricing, Innio will have a market cap of about $19.13 billion – if priced at the $25.50 mid-point.
Bankers expect to price Innio’s IPO next week. (Please see the IPO Calendar for the pricing date.)
Goldman Sachs, J.P. Morgan and Morgan Stanley are the joint lead book-running managers.
Innio is a manufacturer of reciprocating natural gas engines and power generation systems, according to the prospectus. The parent, Innio Holding, is incorporated in Germany. Its U.S. subsidiary, Innio, is based in Waukesha, Wisconsin. After the IPO, the parent company will be renamed Innio N.V., according to the prospectus.
“Our business runs two segments – equipment and services,” the prospectus said. “Our equipment segment sells engines under its Jenbacher and Waukesha brands. These engines have output ranging from 200 kW to 10 MW; the engines are designed to run on natural gas as well as on hydrogen blends and other alternative fuels. Our services segment supplies parts and performs maintenance for our installed base of equipment under multi-year contracts.”
Innio is profitable: Net income of $97.8 million on revenue of $2.81 billion for the 12 months that ended March 31, 2026, according to financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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