Forgent Power Solutions completes $1.5 billion IPO on NYSE

Forgent Power Solutions, Inc. (NYSE: FPS) completed its initial public offering, selling 56 million shares of Class A common stock at $27.00 per share. The electrical distribution equipment manufacturer began trading on the New York Stock Exchange on February 5, 2026.

The offering consisted of 39.4 million shares sold by existing stockholders controlled by Neos Partners, LP, and 16.6 million shares sold by the company. Forgent will not receive proceeds from the shares sold by existing stockholders.

The company will use net proceeds from its share sale to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP. The operating subsidiary will bear all offering expenses.

Goldman Sachs & Co. LLC, Jefferies and Morgan Stanley served as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays acted as bookrunners, while TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, Oppenheimer & Co. and Stifel served as passive bookrunners.

The Securities and Exchange Commission declared the registration statement effective on January 28, 2026.

Forgent designs and manufactures electrical distribution equipment for data centers, power grids and energy-intensive industrial facilities. The Dayton, Minnesota-based company specializes in custom "engineered-to-order" products for technically demanding applications.

You May Also Be Interested In