Kirkland & Ellis Represents Madison Air in $2.5 Billion IPO, the Largest U.S. Industrials Offering of 2026

"Kirkland & Ellis represented Madison Air in its initial public offering, which priced at $27 per share and saw underwriters exercise a 30-day option, producing approximately $2.5 billion in net proceeds. The IPO is the largest offering of 2026 and the largest primary-only U.S. industrials IPO ever."

Kirkland & Ellis represented Madison Air, an air quality solutions provider for priority commercial and residential markets. The initial public offering priced at the top of the range at $27 per share. Underwriters exercised their 30-day option to purchase additional shares, producing net proceeds to Madison Air of approximately $2.5 billion. Madison Air’s IPO is the largest offering announced so far in 2026. It is the largest primary-only IPO ever by a U.S. industrials company, the largest U.S. industrials IPO in nearly 30 years and the second-largest U.S. industrials IPO of all time. Kirkland & Ellis represented Madison Air with a team composed by: capital markets lawyers Robert M. Hayward, P.C., Robert Goedert, P.C., A.J. Million, Caleb Joseph Pilukas, Grace O'Connor, Courtney Wax Lewis and Jeremy Duvall; executive compensation lawyers Stephen M. Jacobson, P.C., Katherine C. Nemeth, Lany L. Villalobos, Anna Haynes and Urvi Patel; and tax lawyers Adam Kool, P.C., Michael J. Conroy and Natalie Packard.

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Kirkland & Ellis Represents Madison Air in $2.5 Billion IPO, the Largest U.S. Industrials Offering of 2026

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Kirkland & Ellis Represents Madison Air in $2.5 Billion IPO, the Largest U.S. Industrials Offering of 2026

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