TDR Capital and I Squared Capital are exploring a potential $15bn IPO of Aggreko, with private equity owners also considering a minority stake sale. The firms have engaged banks for a possible New York listing as early as the second half of this year, providing alternative routes to generate liquidity for their 2021 acquisition.

Aggreko, which provides temporary power, heating, and cooling solutions to energy, construction, and events sectors, has seen demand rebound following the pandemic. The company was acquired by TDR and I Squared in 2021 for $3.4bn in a take-private transaction that now appears poised for a substantial exit as industrial activity returns.

The potential IPO reflects a broader trend of private equity firms seeking US listings to access deeper capital markets and higher valuations. While deliberations continue with no certainty of completion, the process highlights continued private equity activity in infrastructure and energy-related services as sponsors evaluate multiple exit routes to maximize value.