Madison Air Prices Biggest US Industrial IPO in Nearly 27 Years

Madison Air Solutions Corp. raised $2.23 billion in the biggest US listing of an industrial company in close to three decades.

The Chicago-based provider of ventilation and filtration systems sold 82.7 million shares at $27 each after marketing them for $25 to $27, according to a statement Wednesday. The offering was multiple times oversubscribed, people familiar have said.

The pricing gives the company a market value of $13.2 billion based on the number of outstanding shares listed in its filings.

Morgan Stanley Investment Management, Durable Capital Partners LP and HRTG GPE LLC had expressed interest in buying as much ...