Key facts
- Innio's shares jumped 15% in their Nasdaq debut, opening at $31 above the $27 IPO price.
- The company was valued at over $23 billion following its debut.
- AI Alpine, Innio's principal shareholder, sold 90 million shares in an upsized offering.
- The IPO raised $2.43 billion for the selling shareholder.
- Innio provides power generation systems for data centers, addressing AI's energy requirements.
- Innio's data center equipment orders surged to $1 billion as of March 31, from $309 million a year earlier.
Gas engine manufacturer Innio was valued at over $23 billion after its shares jumped approximately 15% in their Nasdaq debut on Thursday. The stock opened at $31, exceeding its IPO offer price of $27. Innio's principal shareholder, AI Alpine (co-owned by Advent International and Abu Dhabi Investment Authority), sold 90 million shares in an upsized offering, raising $2.43 billion. The strong investor interest is attributed to Innio's role in supplying infrastructure for the AI buildout, particularly its power generation systems for data centers. Demand for these systems has surged due to AI's immense energy requirements and data center operators seeking alternative power sources. Innio's data center equipment orders increased significantly to $1 billion as of March 31, up from $309 million a year prior. The company, formed in 2018 when Advent International acquired General Electric's distributed power business for $3.25 billion, aims to convert its growth story into sustained revenue to justify its current valuation.