2026
We are pleased to highlight the successful IPO of INNIO, which raised $2.8 billion in proceeds through a fully secondary offering on NASDAQ.
The transaction represents 12.0% of the company's post-IPO market value, was priced at the upper end of the marketing range and was upsized by 20% from the initial deal size, reflecting strong investor demand. INNIO is majority owned by Advent International and Abu Dhabi Investment Authority. Our collaboration partner, Solebury Capital, advised INNIO's management team, Advent International and ADIA on the offering.
INNIO is a leading global provider of distributed energy solutions, delivering reliable, flexible, decentralized, modular, and efficient power generation technologies. The company’s reciprocating gas engine platforms convert natural gas, renewable gases, and specialty gases into electricity, heat, and compression solutions serving critical infrastructure applications, including power grids, data centres, and industrial facilities. Its technology platforms have established long-term track records across a wide range of demanding operating environments.
STJ Advisors was pleased to support the shareholders during the pre-IPO phase through a comprehensive assessment of positioning, valuation and listing structuring and venue alternatives. Our work included evaluating potential listings considerations in Europe and US in the broader context of an optimal positioning, IPO valuation and aftermarket outcome for the shareholders.
Our analysis focused on:
- Comprehensive assessment of valuation frameworks and peer benchmarking
- Key value drivers and equity narrative for optimised investor positioning
- The strength and composition of the investor base in each market
- Research analyst coverage and long-term aftermarket support
- Index eligibility and inclusion considerations
- The broader strategic implications of each listing venue option and broader listing structuring
The successful completion of the IPO demonstrates the importance of carefully aligning listing venue, investor targeting and equity positioning with a company's strategic objectives and shareholder priorities.
Back to Transactions
