Forgent Power Solutions (FPS) staked out the middle ground – pricing its IPO at $27.00 – the mid-point of its range. The company sold 56 million shares – the number in the prospectus – at $27.00 each to raise $1.51 billion on Wednesday night, Feb. 4, 2026. Forgent, an electrical distribution equipment manufacturer whose clients include data centers, is expected to make its debut today – Thursday, Feb. 5, 2026 – on the New York Stock Exchange. At pricing, Forgent had a market cap of $8.22 billion.
Goldman Sachs, Jefferies and Morgan Stanley led the joint book-running team.
Forgent Power Solutions, based in the Minneapolis suburb of Dayton, Minnesota, is profitable. Forgent derived most of its fiscal 2025 revenue from custom products and powertrain solutions known as “engineered-to-order” business. Its clients own and operate data centers, the power grid and energy-intensive industrial facilities, according to the prospectus.
As of Sept. 30, 2025, Forgent had a $1.03 billion backlog – up 44 percent from 2024, the prospectus said.
Of the 56 million shares in the IPO, most of the stock – 39.41 million shares – came from the selling stockholders – two Forgent limited partnerships. The company offered only 16.59 million shares, the prospectus said.
Neos Partners LP, a San Diego-based private equity firm, will control Forgent Power Solutions after the IPO, according to the prospectus.
Forgent Power Solutions (FPS) shows black ink on its balance sheet: Net income of $17.45 million on revenue of $753.19 million for fiscal 2025, which ended June 30, 2025, according to financial statements in the prospectus.
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