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Forgent Power Solutions, Inc. is a leading designer and manufacturer of electrical distribution equipment for data centers, power grids, and energy-intensive industrial facilities. The company specializes in engineered-to-order Custom Products and Powertrain Solutions, generating 91% of fiscal 2025 revenues from these segments. Revenues grew 56% to $753.2 million in fiscal 2025 from pro forma $482.7 million in fiscal 2024, with Adjusted EBITDA of $169.2 million (22.5% margin). As of December 31, 2025, Backlog stood at $1.5 billion, up 100% year-over-year. The company operates via an Up-C structure post-IPO, with Forgent Power Solutions, Inc. (incorporated July 21, 2025) as the holding company owning ~76.65% of Opco LLC Interests. This offering includes 9,311,665 Class A shares from the company and 20,688,335 from selling stockholders (Forgent Parent I LP and IV LP), totaling 30 million shares (option for 4.5 million more). Net proceeds (~$300.6 million at $33.45/share) will fund purchase of 9.3 million Opco LLC Interests from Opco, which will redeem from Existing Opco LLC Owners. Investment thesis: Capitalize on 20% CAGR market growth to 2030 driven by data centers (42% revenues), grid expansion, and reshoring; recent $205 million capacity expansion to triple FY2025 volume; Neos-controlled (78.85% voting pre-offering).
Offering Amount
$1.23B
Shares Offered
2,000,000,000
Price Range
$27.00 – $27.00
Shares Offered
30,000,000
Offering Amount
$1,231,995,000.00
Share Type
Class A common stock
Exchange
NYSE
Ticker
FPS
Use of Proceeds: Indirectly purchase 9,311,665 Opco LLC Interests from Opco; Opco redeems from Existing Opco LLC Owners.
Leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities.