De Brauw advised the underwriting banks on the US initial public offering of INNIO N.V., a global energy solutions provider for applications such as data centres. The IPO consisted entirely of a secondary offering by the selling shareholder AI Alpine, which is co-owned by funds managed by Advent International and the Abu Dhabi Investment Authority (ADIA). It raised USD 2.43 billion.

INNIO was formed after Advent's acquisition of General Electric's distributed power business in 2018. Five years later, sovereign wealth fund ADIA took a minority stake. Demand for INNIO's products and services has grown with the rise in data centres. The top holding was originally incorporated in Germany but was converted to a Dutch NV at the time of the IPO. INNIO's market cap at IPO was USD 20.3 billion.