Innio Group is targeting a valuation of up to $20.25 billion in its U.S. initial public offering. The gas engine manufacturer was carved out of General Electric in 2018.
Majority owner Advent International plans to raise up to $2.03 billion. The offering consists of 75 million shares priced between $24 and $27 each.
Advent International originally acquired the business from GE for $3.25 billion. The company operates the Jenbacher and Waukesha engine brands.
Innio will list on the Nasdaq under the ticker symbol INIO. Surging demand for AI data center power infrastructure is driving the IPO.
All sale proceeds will go to selling shareholders Advent and the Abu Dhabi Investment Authority.