Advent Taps Adviser for US IPO of $12 Billion Engine Maker Innio

Advent is moving ahead with a potential US initial public offering of Innio, people with knowledge of the matter said, as the Austrian power equipment maker benefits from the boom in data centers.

The buyout firm is working with advisers including Solebury Capital on preparations for an IPO as soon as next year, the people said. It may seek a valuation of at least $12 billion based on trading multiples of listed peers, according to one of the people, who asked not to be identified because the information is private.

Deliberations are ongoing and details of the IPO could ...