Madison Air, a provider of ventilation and filtration systems, is preparing to raise at least $2 billion in a US initial public offering, according to people familiar with the matter. The company's move signals renewed investor appetite for industrial firms with essential building infrastructure products.

The timing aligns with a broader market recovery for IPOs after a prolonged slowdown. Madison Air's systems are critical for commercial buildings, data centers, and healthcare facilities, sectors experiencing steady demand. The offering would provide capital for expansion and validate the company's position in a competitive market.

Investors will watch the pricing and valuation closely as a barometer for industrial tech listings. Success could encourage other building-tech firms to follow suit. The filing, expected soon, will detail financials and growth plans, offering a clearer picture of the company's trajectory.