Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, announced terms for its IPO on Monday.
The Dayton, MN-based company plans to raise $1.5 billion by offering 56 million shares (70% secondary) at a price range of $25 to $29. At the midpoint of the proposed range, Forgent Power Solutions would command a market value of $8.2 billion.
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. In 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, with a recent capacity expansion of 1.8 million square feet to support increased production volume by the end of 2026.
Forgent Power Solutions was founded in 2023 and booked $882 million in sales for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol FPS. 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. It is expected to price during the week of February 2, 2026.
