Forgent Power Solutions announces public offering of 35 million shares

Forgent Power Solutions Inc. (NYSE: FPS) announced a public offering of its Class A common stock consisting of 35 million shares. The offering includes 23.7 million shares from parent entities controlled by Neos Partners LP and 11.3 million shares from Forgent.

The underwriters will have a 30-day option to purchase up to an additional 5.25 million shares at the public offering price, less underwriting discounts and commissions. Forgent will not receive proceeds from shares sold by the selling stockholders.

The company stated it will use net proceeds from its share sales to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners LP. The operating subsidiary will bear all expenses of the offering.

Goldman Sachs & Co. LLC, Jefferies and Morgan Stanley serve as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays act as bookrunners.

A registration statement on Form S-1 has been filed with the Securities and Exchange Commission but has not yet become effective. The securities cannot be sold until the registration statement becomes effective.

Forgent designs and manufactures electrical distribution equipment for data centers, power grids and energy-intensive industrial facilities. The company specializes in custom products engineered for technically demanding applications.

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