Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, filed on Friday with the SEC to raise what we estimate could be $300 million in an initial public offering.
Forgent Power Solutions is a designer and manufacturer of electrical distribution equipment for data centers, power grids, and energy-intensive industrial facilities, offering a wide range of products including automatic transfer switches, transformers, switchgear, and power distribution units. During the fiscal year ended December 31, 2025, it served customers primarily in North America, with 42% of its business from data centers, 23% from grid applications, 19% from industrial sectors, and 16% from other markets, while producing over 1,500 unique designs annually with an average batch count of 15 units per design. The company operates 10 manufacturing campuses totaling 2.3 million square feet across Minnesota, Texas, Maryland, California, and Mexico.
The Dayton, MN-based company was founded in 2023 and booked $882 million in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol FPS. Forgent Power Solutions filed confidentially on August 13, 2025. Goldman Sachs, Jefferies, Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, TD Cowen, MUFG Securities America, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
