Glasgow-based mobile power giant Aggreko has filed for a US initial public offering (IPO), with estimates speculating its valuation could reach between $15 billion and $20 billion.
Aggreko, formerly listed in London, was taken private in a £2.32 billion takeover deal by private equity firms TDR Capital LLP and I Squared Capital in 2021.
Aggreko, which employs 8,000 people, said it had net income of $80 million on revenue of $1.92 billion in the six months ended July 4, according to a filing with the US Securities and Exchange Commission.
In a statement, Aggreko said: “Aggreko Inc. … announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the SEC) relating to a proposed initial public offering of its ordinary shares.
“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.
“Aggreko intends to list its ordinary shares on the New York Stock Exchange under the ticker symbol ‘AGKO.’
“Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting as joint lead bookrunning managers for the proposed offering. Barclays and Morgan Stanley are acting as bookrunning managers for the proposed offering.
“Jefferies, Deutsche Bank Securities, UBS Investment Bank, Baird, Wolfe | Nomura Alliance, and Santander are acting as bookrunners for the proposed offering.
“Tigress Financial Partners is acting as co-manager for the proposed offering. The proposed offering will be made only by means of a prospectus.”
Amid the Aggreko IPO news, Fitch Ratings said it has placed Aggreko owner Albion HoldCo Limited’s Long-Term Issuer Default Rating of ‘BB-’ on Rating Watch Positive (RWP).
Albion HoldCo Limited’s shareholders are TDR Capital LLP and I Squared Capital.
Fitch has also placed the senior secured notes and term loan B facilities (TLBs) issued by Albion Financing 1 S.a.r.l, Albion Financing 3 S.a.r.l and Aggreko Holdings Inc on RWP.
“Albion owns UK-based temporary power and energy supply provider Aggreko Limited,” said Fitch.
“This action follows the announcement of a planned initial public offering (IPO) of Albion’s ordinary shares, with proceeds intended for material debt reduction that will deleverage the balance sheet.
“Fitch expects to resolve the RWP following completion of the IPO. Resolution of the RWP could lead to an upgrade, depending on the final capital structure and capital allocation policy …
“Fitch expects the IPO to materially improve Albion’s financial flexibility and capital structure. It also expects the company to breach its positive rating sensitivity of EBITDA gross leverage of 4.0x after the IPO, in line with the company’s target of substantially lower EBITDA net leverage.
“Albion has filed a Form F-1 for the IPO, formally confirming Aggreko’s intention to list shares. 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 F-1 states that proceeds will be used for debt reduction and transaction costs …
“We anticipate negative free cash flow (FCF) generation until 2028 as Albion expands its existing fleet, while investing in the latest emissions-compliant engines and renewable technologies.
“It has plans for large discretionary capex (about 70% of total capex) in 2026-2028 to support its expansion, amounting to average growth capex of almost 20% of revenue during this period.
“This sustained FCF deficit, which Fitch estimates could be as much as USD1.6 billion during 2026-2028, could reduce liquidity headroom and put pressure on the rating if forecast growth is not achieved …
“Fitch views revenue momentum as strong, with underlying group revenue up 22% in 1H26, excluding 2025 acquisitions. In 1H26, Americas rose 36% on higher activity in data centres, utilities and building services & infrastructure.
“Europe grew 22% on strong growth in events, utilities and data centres. AMEAPAC decreased by 4%, due to lower activity on projects and event cancellations linked to the conflict in the Middle East. This follows the 20% growth achieved in 2025 and 14% in 2024. We anticipate revenue growth to remain strong while Albion undertakes its expansion plans …
“We believe that the energy market has long-term attractive structural drivers, due to ageing electrical infrastructure, particularly against the backdrop of the transition to renewable energy. Global demand for power is set to increase 2.5x by 2050, with the largest growth in demand expected in data centres. In addition, the gap between power supply and demand is widening, as governments remain reluctant to make large investments in fossil fuel-based power plants during energy transition …
“Albion’s revenue of USD3.4 billion in 2025 is about 50% higher than that of Boels Topholding B.V. (BB-/Stable), but less than a third of Sunbelt Rentals Holdings, Inc.’s (BBB/Stable).
“Albion’s EBITDA margin is strong at above 30%, similar to Boels’. Albion’s leverage of 5.1x at end-2025 is higher than Boels’ and much higher than Sunbelt’s, but lower than BCP V Modular Services Holdings III Limited’s (Modulaire; B-/Stable), which was above 7x …”