Kirkland Advises Madison Air on Largest IPO of 2026 at $2.5 Billion

Kirkland & Ellis represented Madison Air, an air quality solutions provider for priority commercial and residential markets, on its IPO. The offering priced at the top of the range at $27 per share and underwriters exercised their 30-day option to purchase additional shares, resulting in net proceeds of approximately $2.5 billion. Madison Air’s IPO, the largest so far in 2026, is the largest primary-only IPO ever by a U.S. industrials company, the largest U.S. industrials IPO in nearly 30 years and the second-largest U.S. industrials IPO of all time.

The Kirkland team included capital markets lawyers Bob Hayward, Bob Goedert, A.J. Million, Caleb Pilukas, Grace O’Connor, Courtney Lewis and Jeremy Duvall; executive compensation lawyers Stephen Jacobson, Katherine Nemeth, Lany Villalobos, Anna Haynes and Urvi Patel; and tax lawyers Adam Kool, Mike Conroy and Natalie Packard.