Madison Air Solutions, a provider of ventilation and filtration systems, completed its initial public offering and listing on the NYSE, raising $2.6 billion in the largest U.S. IPO to date in 2026, the largest U.S. primary industrials IPO of all time, and the third largest U.S. industrials IPO of all time.
S&C represented the underwriters, led by Goldman Sachs & Co. LLC, Barclays Capital, Inc., Jefferies LLC and Wells Fargo Securities, LLC.
Madison Air has a portfolio of leading air quality businesses that operate in high-value niches adjacent to traditional HVAC across commercial and residential markets. Its brands include Addison, AprilAire, Big Ass Fans, Broan-NuTone, Nortek Air Solutions, Nortek Data Center Cooling and Reznor.
The S&C corporate team included John Savva, Cathy Clarkin, Tyler Kohring, Kethan Dahlberg and Mariah Hall. Tracey Russell advised on FINRA matters. Heather Coleman, Sarah Long Remmer and Caleigh Steele advised on employment and compensation matters. Davis Wang and James Jang advised on tax matters. Rachel Yu and Yasmin Masoudi advised on intellectual property matters. Vanessa Blackmore, Esther Jeapes and Ruby Avison advised on UK/EEA matters.