Forgent Power slides as PE sponsor to offload after February IPO

Forgent Power Solutions

25/03/2026 12:14

** Forgent Power Solutions' FPS.N shares down 5.7% premarket at $33.73 after announcing secondary offering less than two months since public debut

** Designer and maker of electrical distribution equipment used in data centers late Tues announced 30 mln share offering

** Affiliates of private equity firm Neos Partners offering ~20.7 mln shares; FPS to use net proceeds it receives from sale of ~9.3 mln shares to indirectly purchase shares from entities controlled by Neos

** Goldman Sachs, Jefferies and Morgan Stanley joint lead bookrunners

** Minnesota-based FPS debuted on Feb 5 after 56 mln share IPO priced at $27

** Prior to this proposed offering, California-based Neos held ~79% stake in FPS, per the prospectus

** FPS shares traded as low as $25.95 on Feb 5, but then rose steadily to set post-IPO intraday peak of $37.53 on Mar 10

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))