Home / Business and Economy / Forgent Power Soars: $1.51B IPO Lights Up Market
Forgent Power Soars: $1.51B IPO Lights Up Market
5 Feb
Summary
- Forgent Power Solutions successfully raised $1.51 billion in its U.S. IPO.
- The company's shares were priced at $27 each, valuing it at $8.22 billion.
- This offering marks one of the most active weeks for IPOs since 2021.
Forgent Power Solutions, a manufacturer of electrical distribution equipment, has announced the successful closing of its U.S. initial public offering, raising $1.51 billion. The company, along with existing shareholders, offered 56 million shares at a price of $27 per share. This pricing positions Forgent Power Solutions for a valuation of approximately $8.22 billion.
The company, headquartered in Minnesota, designs and produces critical electrical distribution equipment for data centers, power grids, and industrial facilities. Its focus on high-growth sectors like data centers aligns with significant investments being made by tech firms in new infrastructure to support AI and cloud computing demands.
This IPO's success occurs amidst a more favorable market environment for new listings. Following a period of reduced activity due to a government shutdown, the market is experiencing a surge. Forgent Power's listing is part of what is anticipated to be the most active week for IPOs since 2021, with up to eight companies expected to price their offerings this week.
Forgent Power Solutions is scheduled to begin trading on the New York Stock Exchange under the ticker symbol "FPS" on Thursday. The offering was managed by a syndicate of joint lead book-running managers, including Goldman Sachs, Jefferies, and Morgan Stanley.
