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Gas engine maker Innio is targeting a valuation of up to $20.25 billion in its U.S. IPO, seeking to raise as much as $2.03 billion by offering 75 million shares priced between $24 and $27 each. The Munich-based firm, backed by Advent International and Abu Dhabi Investment Authority, is looking to capitalise on strong investor appetite for companies supporting the AI ecosystem.

Investor focus has increasingly shifted to “picks and shovels” players powering AI infrastructure, such as electrification and data centre supply chains. Innio, which manufactures Jenbacher and Waukesha gas engines used in critical infrastructure, has seen a sharp surge in demand, with data centre equipment orders rising roughly 16-fold between 2020 and 2025.

Formed after Advent carved out General Electric’s distributed power business in a $3.25 billion deal in 2018, Innio has expanded its North American presence and boosted U.S. manufacturing capacity. Analysts say favourable sentiment, supported by strong performance of GE spin-offs like GE Vernova, is aiding IPO pricing, with Goldman Sachs, J.P. Morgan and Morgan Stanley leading the offering.