Aggreko, a global provider of temporary power, temperature control, and energy systems, is taking significant steps towards a US public market debut. The company, which supplies power to major events like Formula One and the Glastonbury music festival, as well as to industrial sectors and data centers, is expected to file a registration statement for an initial public offering (IPO) with American regulators in the coming days. This move could see Aggreko valued at approximately $20 billion (£14.7 billion).
The company, currently owned by investment firms I Squared Capital and TDR Capital, was taken private from the London Stock Exchange in 2021 in a deal valued at £2.3 billion. Since then, Aggreko has experienced substantial growth in revenues and profits, driven by increasing demand from the data center industry and broader industrial electrification. Its existing investors plan to retain the majority of their holdings post-IPO, while the offering is expected to raise a substantial sum through the sale of new shares.
Aggreko's decision to list in New York, rather than London, is attributed to the growing US bias in its operations. The company operates in over 80 countries and employs close to 8,000 people. Goldman Sachs, JPMorgan, and Bank of America are leading the IPO efforts. This listing aims to enhance Aggreko's global presence and financial flexibility, providing greater access to capital markets and supporting further investment in technology and market expansion.
