Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, raised $1.5 billion by offering 56 million shares at $27, the midpoint of the range of $25 to $29. PE owner Neos Partners sold 70% of the offering, while the other 30% was a synthetic secondary.
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.
The Dayton, MN-based company 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, Nomura Securities, WR Securities, KeyBanc Capital Markets, and Oppenheimer & Co. acted as joint bookrunners on the deal.
