A German gas engine manufacturer announced Tuesday its plans to go public on US stock exchanges, seeking a company valuation of as much as $20.25 billion as it capitalizes on investor interest in businesses that support artificial intelligence infrastructure.
Innio, headquartered in Munich, Germany, plans to raise up to $2.03 billion through its stock market debut by selling 75 million shares at a price range of $24 to $27 each. The offering is being conducted by AI Alpine, the company’s main shareholder, which is jointly owned by investment funds operated by Advent International and Abu Dhabi Investment Authority.
While investors continue to express concerns about artificial intelligence’s potential to disrupt various industries, attention has turned to the “picks and shovels” that support the technology’s expansion, including power infrastructure and data center supply chains.
The company produces gas engines through its Jenbacher and Waukesha product lines for essential infrastructure including data centers, and has experienced growth from increased electricity needs connected to AI development.
Equipment orders for data centers increased approximately 16 times from 2020 to 2025 for the company.
American private equity firm Advent International separated General Electric’s distributed power division to create Innio as an independent entity through a $3.25 billion transaction in 2018. The sovereign wealth fund ADIA acquired a minority ownership position in the company in 2023.
During Advent’s ownership period, Innio has expanded its presence in North America, increasing investments in US-based manufacturing and assembly operations.
Goldman Sachs, J.P. Morgan and Morgan Stanley serve as the primary underwriters for the stock offering. The company plans to trade on the Nasdaq exchange using the ticker symbol “INIO.”
