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Forgent Power Solutions has filed for an initial public offering on the New York Stock Exchange under the ticker FPS, seeking to list shares in a transaction that would bring a scaled power infrastructure and electrical solutions platform to the public markets. The company is offering 56.0 million shares of Class A common stock at an indicated price range of $25.00 to $29.00 per share, implying gross proceeds of approximately $1.5 billion at the midpoint of the range. At the midpoint price of $27.00, the offering implies an equity market capitalization of approximately $8.2 billion on a pro forma basis. The IPO is led by a large syndicate of underwriters with Goldman Sachs, Jefferies, and Morgan Stanley as joint lead book-running managers, and J.P. Morgan, BofA Securities, Barclays, and others participating as bookrunners as well.
Forgent Power Solutions operates a power infrastructure and electrical solutions platform serving utility, industrial, and critical infrastructure end markets. The company’s operations are focused on the design, manufacture, and servicing of transformer and power distribution equipment that supports grid modernization, electrification, and capacity expansion across North America. Demand for these solutions has been supported by aging grid infrastructure, rising electricity consumption, data center development, and increasing investment in transmission and distribution networks.
The company was formed through a series of transactions that combined multiple power-focused operating businesses under a single platform, creating a scaled provider with expanded manufacturing capabilities and a broader customer base. Forgent’s offerings span custom and engineered power solutions that are often specified for mission-critical applications, resulting in long project timelines, recurring customer relationships, and high switching costs. This positioning differentiates the company from more commoditized electrical equipment providers and supports backlog visibility and pricing discipline.
Forgent’s growth strategy is centered on capacity expansion, operational efficiency, and selective acquisitions within the fragmented power infrastructure market. Management has emphasized investment in manufacturing throughput and automation to address demand while maintaining quality and delivery timelines. In addition, the company’s platform structure allows it to pursue bolt-on acquisitions that expand product breadth or geographic reach, leveraging centralized procurement, engineering, and customer relationships to drive integration synergies.
From a financial perspective, Forgent enters the public markets with a profile shaped by both organic growth and the impact of its recent combination transactions. Revenue has scaled meaningfully as demand for power infrastructure solutions has accelerated, while margins have benefited from mix improvements, operating leverage, and disciplined cost management. Management highlights a growing backlog and strong order activity as indicators of sustained demand, although results reflect the timing and lumpiness typical of large infrastructure projects.
Investors will need to consider the company’s organizational structure following the offering. Forgent will operate under an Up-C structure, with public shareholders owning Class A common stock in a holding company that controls the operating business. Existing owners will retain a significant economic and voting interest through Class B shares and Opco units, and the company will be subject to a Tax Receivable Agreement requiring payments equal to 85% of certain tax benefits realized from future exchanges. While common in private equity–sponsored IPOs, this structure introduces additional complexity and cash obligations that investors will factor into valuation and free cash flow expectations.
Following the IPO, Forgent will qualify as a controlled company, with investment funds affiliated with Neos Partners retaining voting control. This governance structure provides strategic continuity but limits certain shareholder protections typically afforded to public investors. Proceeds from the primary portion of the offering are expected to be used to facilitate the Up-C transactions and for general corporate purposes, while the company will not receive proceeds from shares sold by selling stockholders.
Overall, Forgent Power Solutions enters the IPO market as a scaled participant in the power infrastructure value chain, benefiting from secular tailwinds tied to electrification and grid investment. While execution risk remains given the capital intensity and project-driven nature of the business, the company’s positioning, backlog visibility, and exposure to long-duration infrastructure spending differentiate it from prior industrial IPOs that were more closely tied to cyclical end markets.
Forgent's NYSE debut is expected to be Thursday, February 5th, 2026.