Aggreko owners confirm plan for New York IPO – Daily Business
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Aggreko has operations on every continent
Aggreko, the Scottish power generator, has confirmed plans to list its shares in the US following a review by its private equity owners.
The temporary energy business has filed a registration statement with the US Securities and Exchange Commission (SEC) to list on the New York Stock Exchange under the ticker symbol AGKO.
It did not disclose the number of shares to be offered or the proposed price range.
Aggreko was listed on the London Stock Exchange until it was acquired in 2021 in a £2.32bn acquisition by private equity firms TDR Capital and I Squared Capital.
It was reported in February this year that its owners were considering an IPO, which followed speculation around selling the business reported in 2024.
Goldman Sachs, JP Morgan and Bank of America Securities have been advising the owners as the owners look to tap investor appetite for energy infrastructure providers due to growing electricity demand. Analysts believe it could be valued at between $10 billion and $12bn.
The company’s revenue grew 28% to about $1.92bn for the six months ended 4 July, helped by strong demand from data centres and other power-intensive industries.
Our report in February
Aggreko, whose chief executives have included former CBI president Rupert Soames, was divested from haulage giant Christian Salvesen in 1997.
It is is the world’s largest temporary power company with more than 10 gigawatts of power across its fleet globally.
The company employs more than 6,000 and operates in more than 200 locations in 80 countries and has offices in every continent.
A statement on the IPO filing said: “The timing of the offering, number of shares to be offered and the price range for the proposed offering have not yet been determined.
“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering.”
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