Data center supplier Forgent Power up after $2 bln PE sponsor selldown
BUZZ-Data center supplier Forgent Power up after $2 bln PE sponsor selldown ** Forgent Power Solutions' FPS.N shares up 0.3% at $47.70 in premarket trading on Fri after $2 bln secondary offering priced
** Minnesota-based FPS, which makes electrical distribution equipment used in data centers, late Thurs announced ~42.28 mln shares at $47
** Offering price represents 1.2% discount to stock's last sale of $47.56
** Private equity firm Neos Partners sold ~28.54 mln shares, and FPS to use net proceeds it receives from sale of ~13.74 mln shares to indirectly purchase shares from Neos
** Co late Tues had unveiled a 35 mln share offering
** Goldman Sachs, Jefferies and Morgan Stanley are joint lead bookrunners
** FPS went public in Feb IPO priced at $27
** 8 of 9 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $57, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))