April 15 (Reuters) - Indoor air systems provider Madison Air Solutions ( MAIR ) said on Wednesday it had raised $2.23 billion in its U.S. initial public offering.

The Chicago, Illinois-based company sold 82.7 million shares in the IPO at $27 each, compared with the marketed range of $25 to $27. The IPO valued it at $13.2 billion.

Investors have shown appetite for infrastructure and data center-linked businesses, drawn by rising cooling and power needs from AI expansion, amid geopolitical tensions in the Middle East that have kept the broader U.S. IPO market in jitters.

Madison Air estimates its products address a roughly $40 billion North American market, where it holds about an 8% share, according to its filing, with data centres among the faster-growing verticals.

Founded in 2017 through a series of acquisitions, Madison Air provides air quality solutions for residential and commercial clients across a range of sectors, including data centers, advanced manufacturing, education, and health care.

The company's commercial business accounted for 66% of total sales last year, with the remainder coming from the residential segment.

Madison Air, formerly known as Madison Indoor Air Quality, was formed under the leadership of Larry Gies, the founder and CEO of privately held Madison Industries.

Cornerstone investors Durable Capital Partners, Morgan Stanley's Counterpoint Global, and HRTG had separately indicated interest in purchasing up to $525 million of shares in the offering.

The company plans to use proceeds from the IPO for repaying loans and for general corporate purposes. It had a backlog of $2.02 billion, as of December 31.

Goldman Sachs, Barclays, Jefferies and Wells Fargo Securities are the joint lead book-running managers for the IPO.

Madison Air will list on the NYSE under the symbol "MAIR".