Forgent Power Solutions, Inc. (FPS) has completed its initial public offering, issuing 56 million shares of Class A common stock at a price of $27.00 per share. The company began trading on the New York Stock Exchange on February 5, 2026.
The offering comprised two components: 39.4 million shares sold by existing stockholders under the control of Neos Partners, LP, and 16.6 million shares sold directly by Forgent. The company will not receive any proceeds from the shares sold by the existing stockholders.
Use of proceeds and transaction mechanics
Forgent has stated that net proceeds from the shares it sold will be applied to redeem interests in an operating subsidiary that are held by certain existing equity owners controlled by Neos Partners, LP. In addition, the operating subsidiary will be responsible for all expenses related to the offering.
Underwriting group and regulatory steps
Goldman Sachs & Co. LLC, Jefferies and Morgan Stanley served as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays acted as bookrunners. TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, Oppenheimer & Co. and Stifel served as passive bookrunners.
The Securities and Exchange Commission declared the registration statement effective on January 28, 2026, clearing the way for the shares to begin trading in early February.
Business profile
Forgent designs and manufactures electrical distribution equipment intended for data centers, power grid systems and energy-intensive industrial facilities. Based in Dayton, Minnesota, the company emphasizes custom, "engineered-to-order" products tailored for technically demanding applications.
Context for markets and investors
The transaction separates liquidity provided by existing shareholders from capital raised directly by the company, with only the latter portion generating cash proceeds for Forgent. The underwriting syndicate listed above handled the placement and distribution of shares and supported the offering through the SEC process.