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".