MAIR Madison Air Solutions Corp
Executive Summary
Madison Air Solutions Corp (MAIR) is conducting an IPO of 82.7 million Class A shares at $25-$27 per share, with a concurrent $100 million private placement to its founder. The company operates in mission-critical indoor air solutions, generating $3.3 billion in revenue for 2025 with a 27.3% growth rate. Proceeds will be used to repay $2.17 billion of debt, reducing interest expenses. The company has a dual-class structure giving founder Larry Gies 95.2% voting control.
Key Financial Metrics
Actionable Insight
The IPO provides significant deleveraging that will improve cash flow and financial flexibility. However, the dual-class structure with 95.2% founder control limits shareholder influence. The strong growth in mission-critical air solutions for data centers, healthcare, and residential markets provides a compelling growth story, but investors should monitor integration of the $2.3 billion AprilAire acquisition and execution of the 80/20 operational model.
Key Facts
- IPO of 82.7 million Class A shares at $25-$27 per share, with $2.07-$2.39 billion in net proceeds
- Concurrent $100 million private placement to founder-controlled entity
- Company generated $3.3 billion revenue in 2025 with 27.3% growth and $124.3 million net income
- Proceeds will repay $2.17 billion of debt, reducing annual interest expense from $351 million to $256 million
- Founder Larry Gies will control 95.2% of voting power through Class B shares with 10x voting rights
- Company has $3.5 billion pro forma revenue after AprilAire acquisition, serving $40 billion addressable market
Financial Impact
$2.17 billion debt repayment reducing annual interest by $95 million
Risk Factors
- Founder controls 95.2% of voting power, limiting shareholder influence
- High leverage with $5.7 billion total debt despite IPO paydown
- Integration risk from $2.3 billion AprilAire acquisition
- Dependence on key megatrends like AI data center growth
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-142875 |
| Document: ck0002098430-ex10_31.htm | 0001193125-26-142875 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 5, 2026
7d ago
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8-K
| $39.44 awaiting T+5 | awaiting T+5 | — | $39.02 (−1.06%) |
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May 29, 2026
14d ago
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Press Release
| $43.47 $43.56 | ▲ +0.21% | ▲ +0.50% | $39.02 (−10.24%) |
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May 12, 2026
4w ago
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8-K
| $41.07 $38.36 | ▼ −6.60% | ▼ −6.68% | $39.02 (−4.99%) |
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Apr 17, 2026
8w ago
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8-K
| $33.66 $34.57 | ▲ +2.70% | ▲ +1.79% | $39.02 (+15.92%) |
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Apr 17, 2026
8w ago
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424B4
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
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Apr 16, 2026
8w ago
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3
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
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Apr 16, 2026
8w ago
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3
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
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Apr 16, 2026
8w ago
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3
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
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Apr 16, 2026
8w ago
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3
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
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Apr 16, 2026
8w ago
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3
| $32.45 $33.83 | ▲ +4.25% | ▲ +3.70% | $39.02 (+20.25%) |
US Market Status
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