Summary
Aggreko, the Glasgow-based temporary power provider, has filed to go public on the New York Stock Exchange under the ticker AGKO, five years after private equity firms took it private from the London Stock Exchange. The filing highlights explosive growth in data center-related revenue as the company looks to use IPO proceeds to pay down billions in debt.
A Return to Public Markets, Five Years Later
Aggreko, the Glasgow-headquartered provider of temporary power and temperature-control equipment, has filed with U.S. regulators for an initial public offering, aiming to list its ordinary shares on the New York Stock Exchange under the ticker symbol AGKO. The filing marks a notable return to public markets for a company that spent more than two decades on the London Stock Exchange before private equity firms TDR Capital and I Squared Capital took it private in a deal valued at roughly £2.32 billion in 2021.
Goldman Sachs, JPMorgan and Bank of America Securities are serving as joint lead bookrunners on the offering, according to the filing, which has not yet disclosed the number of shares to be sold or an expected price range. Analysts covering the sector have suggested the company could ultimately be valued somewhere between 12 billion once the offering is priced, though that figure remains subject to change as the process moves forward.
Data Centers Have Become the Growth Engine
At the heart of Aggreko’s pitch to public investors is its rapidly expanding data center business. The company’s regulatory filing shows that revenue tied to data centers and AI infrastructure has grown from roughly 2% of total sales five years ago to about 19% today, expanding at an annual rate of around 66% since 2021. That shift reflects the broader scramble across the technology industry to secure enough electricity to power the data centers underpinning the artificial intelligence boom, many of which are being built faster than local power grids can accommodate.
Aggreko provides what it describes as engineered, technology-agnostic energy and temperature solutions, ranging from gas and diesel generators to battery storage systems, solar equipment and industrial cooling infrastructure, that can be deployed rapidly to bridge gaps in grid capacity. The company says it serves more than 14,000 customers across 80-plus countries through a fleet of roughly 120,000 assets representing about 17 gigawatts of capacity, spread across 275 locations.
Strong Revenue Growth, But a Heavy Debt Load
Aggreko’s revenue climbed 28% to approximately 6 billion to $7 billion.
A significant portion of the IPO proceeds is expected to go toward paying down that debt rather than funding new equipment purchases or acquisitions, a detail that some analysts have flagged as a key consideration for investors evaluating the offering. The company’s fleet utilization, a measure of how much of its available equipment is actively deployed and generating revenue, averaged around 54% in 2025, which some analysts note leaves room for improvement as the business works to translate strong top-line growth into stronger margins.
Part of a Broader Wave of Energy Infrastructure Listings
Aggreko’s filing arrives amid a broader wave of energy infrastructure companies moving toward public markets as investors search for ways to gain exposure to the electricity demand created by artificial intelligence and cloud computing growth. The company’s total addressable market is estimated at roughly 66 billion by 2030, driven by a combination of electrification trends, aging grid infrastructure and the sheer scale of new data center construction underway globally.
Industry watchers have also noted a symbolic dimension to Aggreko’s decision to list in New York rather than returning to London, where it built its public-market history over more than two decades. The move reflects a broader trend of European companies opting for U.S. listings in search of deeper capital markets and a larger base of retail and institutional investors willing to support high multiples for growth-oriented businesses.
What Comes Next
The timing of Aggreko’s offering, along with the final number of shares and price range, has not yet been determined, according to the company’s regulatory filing. As with any IPO, the ultimate market reception will depend heavily on broader conditions in public markets at the time of pricing, as well as how investors weigh Aggreko’s growth story against its debt load and historically moderate fleet utilization.
For now, the filing offers one of the clearest windows yet into just how central the AI-driven data center boom has become to companies far outside the technology sector itself, with an aging, industrial power-rental business recasting itself as a direct beneficiary of the artificial intelligence infrastructure race.
