Aggreko files for IPO in US

Aggreko has publicly filed a proposed initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

The filing said Aggreko would be traded on the New York Stock Exchange under the AGKO symbol, with various news sources estimating that the IPO could value the business at between US$15 and US$20 billion and raise up to $1.5 billion.

The timing of the offering, the number of shares to be offered and the price range for the proposed offering have not yet been decided, said the company.

Aggreko PowerFlex 1500kW gas powered generators. (Image: Aggreko)

The proposed listing would see it return to being publicly traded since it de-listed from the London Stock Exchange in August 2021. That de-listing followed its acquisition by private equity firms I Squared Capital and TDR Capital.

‘Structural growth in demand’

In the filing, by its US entity Aggreko Inc, the company said; “Aggreko presents the opportunity to benefit from the structural growth in demand for global energy and temperature control.

“We are a leader in a substantial and growing energy solutions market, estimated at $49 billion today and expected to grow to $66 billion by 2030, with an expected real (not adjusted for inflation) compound annual growth rate (CAGR) of 6%, according to management estimates.”

It added; “Americas and Europe are projected to have the highest growth potential, with a forecast CAGR of 8% and 7%, respectively, from 2025 to 2030.”

The company has 14,000 customers in more than 80 countries and has 8,000 employees. Its fleet has a total an overall capacity of 17GW.

Aggreko said in the filing; “We have an established track record of execution and strong financial performance. We have delivered a net revenue CAGR of 17% between the year ended December 30, 2023 and the year ended January 3, 2026.”