Power and cooling rental company Aggreko has filed for an initial public offering on the New York Stock Exchange under the ticker AGKO, according to an announcement. The company is seeking to list as a standalone public entity after years as a private platform owned by TDR Capital and I Squared Capital.
Aggreko's valuation has risen to approximately $20 billion, up from $15 billion estimates circulated during the planning phase in March 2026. The company did not set a price range or IPO size at the filing stage; those figures are typically determined later in the registration process.
Aggreko provides temporary power generation, cooling, and modular infrastructure solutions to customers across utilities, oil and gas, events, and data centers. The company operates globally with rental fleets deployed across multiple continents. Its business model centers on short- to medium-term leasing of equipment rather than permanent sales, giving it recurring revenue streams tied to industrial capacity cycles and major events.
The IPO marks an exit for the two private equity sponsors that have owned the company. TDR Capital and I Squared Capital selected underwriters for the offering in March 2026 after exploring strategic alternatives. The decision to pursue a public listing rather than a sale to another buyout firm or infrastructure investor came as the company's order book strengthened in an energy-constrained market.
Aggreko competes with Cummins and Caterpillar in permanent power equipment but has built a distinct rental-focused business model. The temporary power segment has grown as major events, data center buildouts, and grid-support initiatives drive demand for portable generation capacity. The company has adopted environmental, social, and governance standards and emissions reduction initiatives, positioning it ahead of pure internal-combustion competitors in institutional capital allocation.
A $20 billion valuation would rank Aggreko among the largest infrastructure rental IPOs of the past five years, though below mega-deals in the industrial space. The company's earnings before interest, taxes, depreciation, and amortization have not been disclosed in public filings, making the valuation multiple opaque to investors at this stage.
Aggreko's emergence as a publicly traded company introduces a new pure-play option for exposure to temporary infrastructure services, a sector historically dominated by private companies or large conglomerates with infrastructure units. The document to watch is the registration statement filing, which will disclose revenue, profitability, debt levels, and customer concentration for the first time to institutional investors.
