Aggreko's F-1 Filing Targets an NYSE Listing Under AGKO

An F-1 filing is the registration statement a foreign private issuer uses for an initial U.S. public offering, and on August 24, 2026, Aggreko Inc., the Glasgow-based temporary power and temperature-control company, filed one to list on the New York Stock Exchange.

What happened

Aggreko filed its Form F-1 on August 24, 2026, proposing to list ordinary shares on the NYSE under the symbol AGKO. The company is incorporated in the Cayman Islands, with principal offices in Glasgow, Scotland. The preliminary prospectus does not yet state the number of shares or the price.

Goldman Sachs and J.P. Morgan lead the underwriting group, joined by BofA Securities, Barclays, Morgan Stanley, Jefferies, Deutsche Bank Securities, UBS Investment Bank, Baird, Santander, Wolfe | Nomura Alliance and Tigress Financial Partners.

Aggreko describes its business as engineered energy and temperature solutions: temporary and semi-permanent power generation, temperature control and related services, delivered in more than 80 countries by roughly 8,000 employees.

For its fiscal year ended January 3, 2026, the company reported:

• Net revenue: $3.4 billion
• Net loss: $113 million
• Adjusted EBITDA: $1.3 billion
• Adjusted EBITDA margin: 37%

How it works

Aggreko is owned by private equity sponsors TDR Capital and I Squared Capital, and the prospectus says it will be a controlled company after the offering, with those sponsors in control. The filing does not yet disclose their post-IPO ownership percentages.

The company files as a foreign private issuer and is not an emerging growth company. Foreign private issuer status matters after listing: such companies file annual reports on Form 20-F instead of a 10-K, furnish interim information on Form 6-K rather than 10-Q and 8-K, and are exempt from U.S. proxy rules and some insider reporting requirements. Being outside the emerging growth category means Aggreko does not get the scaled disclosure benefits that smaller first-time issuers can use.

The financial profile combines strong cash-generating margins with a bottom-line loss. A 37% adjusted EBITDA margin alongside a net loss can reflect the cost of a capital-intensive rental fleet and the financing that comes with a sponsor-owned balance sheet. The IPO’s use of proceeds, once disclosed, will show whether paying down debt is a priority.

The sponsor ownership also shapes what follows the IPO. Private equity owners of newly listed companies commonly sell down their stakes over time through follow-on offerings once lock-up periods expire, so the initial float is often only the first step in a longer transfer of ownership to public investors. Readers should check the lock-up length and any registration rights granted to TDR Capital and I Squared when those terms are disclosed.

Key terms

• Form F-1: The SEC registration statement for a foreign private issuer’s U.S. public offering.
• Foreign private issuer: A non-U.S. company that meets SEC tests on ownership and business location, qualifying for different reporting forms.
• Controlled company: A listed company whose voting power is majority-controlled by one holder or group.
• Adjusted EBITDA margin: Adjusted EBITDA divided by revenue, a non-GAAP measure of operating profitability.
• Sponsor: A private equity firm that owns a company before its IPO.

FAQ

Why use an F-1 filing instead of an S-1?

Foreign private issuers register U.S. IPOs on Form F-1, which accommodates home-country practices and leads to 20-F and 6-K reporting after listing.

Who sells shares in the offering?

The preliminary prospectus identifies the sponsors but does not yet state how many shares will be sold by the company versus existing holders.

Is Aggreko profitable?

It reported a net loss of $113 million for its latest fiscal year, despite $1.3 billion of adjusted EBITDA.

What should readers watch?

An amended F-1 with a price range, the split between primary and secondary shares, use of proceeds, sponsor ownership after the offering, and lock-up terms.