Data center supplier Forgent Power dips as PE sponsor to carve stake
BUZZ-Data center supplier Forgent Power dips as PE sponsor to carve stake ** Forgent Power Solutions' FPS.N shares down 0.8% to $54.54 early Tues after co announced another secondary offering
** Minnesota-based manufacturer of electrical distribution equipment used in data centers late Mon unveiled 35 mln share offering
** Private equity firm Neos Partners to sell ~23.3 mln shares, and FPS to use net proceeds it receives from sale of ~11.7 mln shares to purchase shares from Neos
** Goldman Sachs, Jefferies and Morgan Stanley joint lead bookrunners
** Neos reduced its stake last month in $2 bln secondary offering, and in March following Forgent's Feb IPO, which priced at $27
** Prior to this proposed offering, Neos owned ~51% of the voting power in Forgent, per the prospectus; Forgent has ~304.4 mln total shares outstanding
** Avg rating of 8 analysts on FPS stock is "buy"; median PT $60, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))