Investors view Madison Air as a 'picks and shovels' AI play due to its business of selling specialized HVAC systems to data centers.

Approximately one-third of Madison Air's business is in the residential sector.

The founder of Madison Air, Larry Gieser, will control the company post-IPO through a super-voting stock structure held by his parent company, Madison Industries.

Madison Air raised over $2.2 billion in its IPO, making it the largest U.S. industrial IPO since 1999.

Modine, a peer company to Madison Air, saw its stock fall 6.1% due to concerns about changes to tariffs on metals.