Forgent Power Solutions Prices 56M-Share IPO at $27 Raising $1.5B
Forgent Power Solutions closed its initial public offering of 56,000,000 Class A shares at $27.00 each, with 39,413,573 shares sold by existing shareholders and 16,586,427 shares sold by the company. Net proceeds will redeem interests in an operating subsidiary and the shares began trading February 5 on the New York Stock Exchange.
1. IPO Closing Details
Forgent Power Solutions completed its IPO offering 39,413,573 shares by selling stockholders and 16,586,427 shares by the company at $27.00 per share, generating approximately $1.5 billion in gross proceeds.
2. Use of Proceeds
Forgent will not receive proceeds from shares sold by existing investors; its net proceeds from selling 16.6 million shares will be used to redeem equity interests in an operating subsidiary controlled by Neos Partners.
3. Trading Debut
Shares of Forgent Power Solutions began trading on February 5 on the New York Stock Exchange under the trading symbol FPS, marking the company’s transition to a public entity.
4. Underwriting Syndicate
The offering was led by Goldman Sachs, Jefferies and Morgan Stanley as joint lead book-running managers, with additional bookrunner and passive bookrunner support from major investment banks.