Advent International and Abu Dhabi Investment Authority raised $2.43bn by selling 90 million shares of gas‑engine maker Innio in a Nasdaq debut that closed 23% higher. The sale was executed through AI Alpine, the joint holding vehicle, and priced at the top of the $24‑$27 range. No new shares were issued, making the float a pure secondary exit.

Underwriters hold an option for an additional 13.5 million shares, worth roughly $364.5 million at the offer price, underscoring strong demand. Despite the cash‑out, Advent and ADIA will retain about 90% ownership, keeping exposure to a business now positioned as a key supplier for the artificial‑intelligence build‑out.

Innio’s Jenbacher and Waukesha gas engines power data centres, microgrids and grid‑stabilisation projects, markets that have surged as operators pair new sites with on‑site generation. Order intake for data‑centre equipment jumped to $2.28 bn in 2025 from $27 m two years earlier, fueling revenue growth.

The company reported 2025 revenue of $2.64 bn, up 22% year‑over‑year, with net income of $141.8 m and adjusted EBITDA of $549 m. First‑quarter 2026 sales rose to $668.6 m, but the period slipped to a $9 m loss. Goldman Sachs, J.P. Morgan and Morgan Stanley led the book‑run, cementing the deal’s credibility.