Forgent Power closes $1 billion public stock offering

Forgent Power Solutions Inc. (NYSE: FPS) completed a public offering of Class A common stock, selling 34.5 million shares at $29.50 per share. The electrical distribution equipment manufacturer announced the closing of the offering, which included the full exercise of underwriters' option to purchase additional shares.

The offering consisted of 23.7 million shares sold by parent entities controlled by Neos Partners LP and 10.8 million shares sold by Forgent. Underwriters exercised their option in full, purchasing an additional 3 million shares from the selling stockholders and 1.5 million shares from the company.

Forgent received no proceeds from shares sold by the selling stockholders. The company used net proceeds from its share sales to redeem interests in an operating subsidiary held by existing equity owners controlled by Neos Partners LP.

Goldman Sachs, Jefferies and Morgan Stanley served as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays acted as bookrunners, while TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, Oppenheimer and Stifel served as passive bookrunners.

The Securities and Exchange Commission declared the registration statement on Form S-1 effective on March 26. Forgent designs and manufactures electrical distribution equipment for data centers, power grid infrastructure and industrial facilities.

The Dayton, Minnesota-based company specializes in custom engineered-to-order products for technically demanding applications, according to the press release.

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