Forgent Power Solutions, Inc. (FPS Proposed) got the electricity flowing early today in the IPO market with the launch of its $1.5 billion IPO. The Dayton, Minnesota-based company designs and manufactures electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities.
Forgent Power Solutions’ IPO consists of 56 million shares at a price range of $25.00 to $29.00 to raise $1.51 billion, if priced at the $27.00 mid-point of its range. The company is offering 16.59 million shares and the selling shareholders are offering 39.41 million shares, according to the prospectus.
Goldman Sachs, Jefferies and Morgan Stanley are leading the joint book-runners’ team.
Forgent Power’s IPO is set to price next week. (Please see the IPO Calendar for the date.) This is a New York Stock Exchange listing.
At pricing, Forget Power Solutions would have a market cap of $8.22 billion, if the IPO is priced at the $27.00 mid-point of its range.
Forgent Power Solutions said demand for its products “is growing rapidly” due to companies accelerating investment in data centers to meet the computational requirements for cloud computing and AI, while independent power producers are building new generation capacity to satisfy rising electricity demand,” the prospectus said.
The company is profitable. Forgent Power Solutions reported net income of $17.45 million on revenue of $753.19 million for fiscal 2025, which ended June 30, 2025.
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