Forgent Power Solutions launches public offering of common stock

Forgent Power Solutions, Inc. (NYSE: FPS), a designer and manufacturer of electrical distribution equipment, announced a public offering of its Class A common stock, according to a press release statement.

The offering consists of 11,671,418 shares being sold by Forgent and 23,328,582 shares being sold by parent entities controlled by Neos Partners, LP, referred to as the selling stockholders. The underwriters have been granted a 30-day option to purchase up to an additional 1,750,712 shares from Forgent and 3,499,288 shares from the selling stockholders.

Forgent said it will not receive proceeds from the shares sold by the selling stockholders. Net proceeds from its own share sales will be used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP.

Goldman Sachs & Co. LLC, Jefferies, and Morgan Stanley are acting as joint lead book-running managers for the offering.

A registration statement on Form S-1 has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold prior to the registration statement becoming effective.

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