IPO is imminent following SEC effectiveness. Monitor pricing and first-day trading for liquidity and valuation signal. The 180-day lock-up on 675M shares will cap near-term supply, but substantial overhang exists post-lock-up.
Executive Summary
INNIO Holding GmbH filed Amendment No. 1 to its S-1 IPO registration statement, confirming the offering of 75 million common shares by selling shareholder AI Alpine at an estimated $24-$27 per share. The SEC declared the registration effective on June 3, 2026, making the IPO imminent. The company will not receive any proceeds from the offering and will remain a controlled company with 90% ownership by the selling shareholder post-IPO.
Key Financial Metrics
Key Facts
- Selling shareholder AI Alpine is offering 75,000,000 common shares at $24.00-$27.00 per share.
- Company will not receive any proceeds from the offering.
- Post-IPO, the selling shareholder will own approximately 90% of outstanding shares, making INNIO a 'controlled company' under Nasdaq rules.
- For FY2025, revenue grew 22.1% YoY to $2,636.8 million, net income was $141.8 million.
- Data center Equipment Order Intake surged to $2,282 million in FY2025 from $27 million in FY2023.
- Registration was declared effective by the SEC on June 3, 2026, clearing the path for the IPO.
Financial Impact
IPO size of $1.8-$2.025 billion at the midpoint (75M shares × $25.50 midpoint). Company receives no proceeds; all proceeds go to selling shareholder.
Risk Factors
- High concentration of ownership (90% post-IPO) gives selling shareholder control, limiting minority shareholder influence.
- Rapid growth in data center segment may strain manufacturing capacity and supply chain.
- Exposure to tariff and trade policy changes, particularly U.S. tariffs on steel and aluminum.
- Material weaknesses in internal control over financial reporting require remediation.
- Dependence on a limited number of large customers (top 5 accounted for 39% of Q1 2026 revenue).
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-237848 |
| Document: ck0002109150-ex10_7.htm | 0001193125-26-237848 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $15.50 | awaiting T+60 | — | $16.16 (+4.23%) |
Oct 27, 2026 today | Press Release | $17.49 | awaiting T+60 | — | $16.16 (−7.63%) |
Jul 28, 2026 13w ago | 8-K | $26.22 $16.87 | ▼ −35.66% | ▼ −40.01% | $16.16 (−38.39%) |
Jul 14, 2026 14w ago | Press Release | $30.81 $20.34 | ▼ −33.98% | ▼ −37.36% | $16.16 (−47.57%) |
Jun 8, 2026 20w ago | Insider Cluster | $33.72 $20.07 | ▲ +40.48% | ▲ +44.29% | $16.16 (+52.09%) |
Jun 4, 2026 20w ago | 3 | $32.22 $20.20 | ▼ −37.31% | ▼ −41.31% | $16.16 (−49.86%) |
Jun 4, 2026 20w ago | 3 | $32.22 $20.20 | ▼ −37.31% | ▼ −41.31% | $16.16 (−49.86%) |
Jun 4, 2026 20w ago | 3 | $32.22 $20.20 | ▼ −37.31% | ▼ −41.31% | $16.16 (−49.86%) |
Jun 4, 2026 20w ago | 424B4 | $33.20 $20.83 | ▼ −37.26% | ▼ −39.14% | $16.16 (−51.34%) |
Jun 4, 2026 20w ago | EFFECT | $33.30 $20.83 | ▼ −37.45% | ▼ −39.33% | $16.16 (−51.49%) |
US Market Status
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