Dive Brief:

• Innio Group, a Munich-based gas engine manufacturer and power solutions provider, is targeting a $20.3 billion valuation as part of its U.S. initial public offering as electricity demand surges driven by the artificial intelligence boom.
• The private equity-backed company, which owns brands such as Jenbacher and Waukesha, said its principal shareholder AI Alpine will seek $2.03 billion by offering 75 million shares priced between $24 and $27 per share.
• It has applied to list its shares on the Nasdaq stock exchange under the ticker symbol “INIO.” AI Alpine in Luxembourg is co-owned by funds managed by Advent International and Abu Dhabi Investment Authority.

Dive Insight:

Private equity firm Advent acquired General Electric’s distributed power business and rebranded it as a standalone company, Innio, in November 2018. Luxinva, a wholly-owned subsidiary of ADIA, acquired a “significant minority stake” in the company in March 2023, according to a recent investor filing.

Innio has since seen strong growth powered by energy, utility, agriculture and AI-driven data center customers. From 2023 to 2025, new orders from data center customers jumped from $27 million to $2.3 billion, according to the investor filing.

Innio is focused primarily on behind-the-meter power solutions and compression equipment to account for grid constraints. It also has a services segment that manages and repairs its customers’ equipment.

The company’s global manufacturing footprint spans more than 7 million square feet and is anchored by production hubs in Austria and North America, according to the investor filing. In the United States, the company has capacity in Waukesha, Wisconsin; Waller, Texas; and Trenton, New Jersey.

For the quarter that ended March 31, Innio’s new orders were valued at $1.6 billion — more than double what they were a year ago, according to the filing. Revenue increased 35% to $668.6 million for the period. Innio also reported a net loss of $9 million during the quarter compared to a $35 million profit last year.

Innio has been expanding its footprint in North America to be closer to regions developing data centers that require massive power loads. Last month, the company signed a deal to provide 1.25 gigawatts of gas engine capacity to Rehlko over the next three years.

In connection with the offering, AI Alpine has granted underwiters a 30-day option to purchase up to 11.25 million in additional common shares at the IPO price. A registration statement has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. Goldman Sachs, J.P. Morgan and Morgan Stanley are managing the deal.