Forgent Power Solutions Debuts With $1.5 Billion Offering

Electrical equipment manufacturer Forgent Power Solutions has priced its U.S. initial public offering at the midpoint of its proposed range, raising $1.5 billion in gross proceeds. The company sold 56 million shares at $27 per share, within a marketed range of $25 to $29.

Private equity owner Neos Partners accounted for approximately 70% of the shares sold in the offering, while the remaining 30% was structured as a synthetic secondary transaction.

Data Center Exposure Anchors Business Model

Forgent Power Solutions designs and manufactures electrical distribution equipment used across data centers, power grids, and energy-intensive industrial facilities. Its product portfolio includes automatic transfer switches, transformers, switchgear, and power distribution units tailored for mission-critical environments.

For the fiscal year ended December 31, 2025, the company generated 42% of its revenue from data center customers, highlighting its exposure to ongoing global infrastructure buildouts tied to cloud computing and artificial intelligence. Grid-related applications accounted for 23% of revenue, while industrial customers contributed 19%, with the remaining 16% spread across other end markets.

Manufacturing Footprint and Customization Scale

The company operates 10 manufacturing campuses totaling approximately 2.3 million square feet across Minnesota, Texas, Maryland, California, and Mexico. Forgent Power Solutions produces more than 1,500 unique equipment designs annually, reflecting a highly customized production model with an average batch size of roughly 15 units per design.

This flexible manufacturing approach allows the company to serve specialized customer requirements while maintaining scale across multiple geographies.

Listing Details and Underwriters

Based in Dayton, Minnesota, Forgent Power Solutions plans to list its shares on the New York Stock Exchange under the ticker symbol FPS.

The IPO was led by a broad syndicate of underwriters, including 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.

The successful pricing positions Forgent Power Solutions among the largest U.S. IPOs of the year, underscoring continued investor appetite for infrastructure and data center-linked industrial businesses.