MAY 26·933thedrive.comHigh
Advent, ADIA-backed gas engine maker Innio targets $20.3 billion valuation in US IPO
Innio, a Munich-based gas engine maker backed by Advent International and ADIA via principal shareholder AI Alpine, targets a U.S. IPO valuation of up to $20.25 billion. AI Alpine plans to sell 75 million shares at $24–$27, raising up to $2.03 billion. Innio supplies gas engines for data centers; its data center equipment orders rose about 16-fold from 2020 to 2025.