Aggreko to File for US Listing at Around $20 Billion Valuation – Sky News

Temporary power supplier Aggreko is preparing to file for a New York stock market listing that could value the company at around $20 billion, or £14.7 billion, according to Sky News.

The company, owned by investment firms I Squared Capital and TDR Capital, intends to file a registration statement for an initial public offering with U.S. regulators in the coming days, Sky News reported.

The filing would not commit Aggreko to a specific timetable but would allow it to pick its moment for a flotation over the next 12 months.

Banking sources reportedly told Sky that Aggreko would likely look to raise a substantial sum through the sale of new shares if it proceeds, with existing investors planning to retain the vast majority of their holdings until after the listing.

Aggreko was taken private from the London Stock Exchange in 2021 in a deal valuing it at £2.3 billion, ending nearly a quarter of a century as a London-listed company. Sky News said revenues and profits have since climbed sharply as the group tapped demand from the fast-growing data centre industry and rising electrification across industrial sectors.

The company supplies industrial power generators and battery energy storage across more than 80 countries and employs close to 8,000 people. Its events arm, now a small share of earnings, has powered Formula One races, Glastonbury, the FIFA World Cup and the Tokyo Olympics.

Advisers close to the deal are said to have told Sky that Aggreko’s growing U.S. operations make New York its natural home, despite criticism over the drain on UK public markets. Goldman Sachs, JPMorgan and Bank of America are leading the IPO.