Temporary power supplier Aggreko to file for US listing

Aggreko, the company which supplies power to events including Formula One motor racing and the Glastonbury music festival, will this week take a major step towards a US public market debut that could see it valued at around $20bn (£14.7bn).

Sky News has learnt that Aggreko, which is owned by the investment firms I Squared Capital and TDR Capital, intends to file a registration statement for an initial public offering (IPO) with American regulators in the coming days.

The filing does not bind Aggreko to a specific timetable to go public, but will enable it to choose the optimal moment for a flotation in the next 12 months.

Banking sources said that if it proceeded, Aggreko was likely to seek to raise a substantial sum from the sale of new shares in the company.

The existing investors plan to retain the vast majority of their holdings until after the IPO, the bankers added.

Aggreko was taken private from the London Stock Exchange in 2021 in a deal which valued the company at £2.3bn.

In recent years, its revenues and profits have soared as it has tapped into the burgeoning appetite for power from the fast-growing data centre industry, as well as rising demand for electrification across numerous industrial sectors.

The company, which supplies industrial power generators and battery energy storage, has a global footprint, with a presence in more than 80 countries around the world.

Its events arm, which now represents only a small proportion of its earnings, has also supplied sporting events such as the FIFA World Cup and the Tokyo Olympics in 2021, which were delayed for a year by the COVID-19 pandemic.

The company was founded in 1962 and has counted Rupert Soames, the grandson of Sir Winston Churchill, among those who have served as its chief executive.

It became a listed standalone company in London in 1997 when it demerged from Christian Salvesen.

Aggreko now employs close to 8,000 people, according to its website.

By going public in New York rather than London, Aggreko will be labelled by some as another example of the draining influence of UK public markets.

However, advisers close to the deal said the company's growing US bias in terms of the scale of its operations there meant its natural public markets home was now on the other side of the Atlantic.

Aggreko's IPO is being led by bankers at Goldman Sachs, JPMorgan and Bank of America.

I Squared and TDR have both been contacted for comment.

(c) Sky News 2026: Temporary power supplier Aggreko to file for US listing