Madison Air Solutions (MAIR.US) began trading on the U.S. stock market on Thursday, marking the largest industrial stock listing since 1999. The stock opened at $32 per share, above its IPO price of $27. By the close of trading, it had risen 17.59% to $31.75. Approximately two-thirds of the company's revenue comes from its U.S. commercial division, which serves sectors such as healthcare, data centers, manufacturing, and logistics. Its residential business includes brands like AprilAire, Broan-NuTone, and Zephyr. Madison Air Solutions reported net income of $124 million on revenue of $3.34 billion for 2025, compared to net income of $236 million on revenue of $2.62 billion in the prior year, indicating revenue growth alongside a decline in profit. Last year, the company’s top ten customers accounted for about 32% of total revenue, a concentration that may be noteworthy for investors evaluating the stability of its customer base.
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