Electrical distribution equipment manufacturer Forgent Power Solutions files for an estimated $300 million IPO
February 5, 2026 News
Electrical equipment maker Forgent Power Solutions prices US IPO at $27 midpoint, raising $1.5 billion
Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, raised $1.5 billion by offering 56 million shares at $27, the midpoint of the range of $25 to $29. PE owner Neos Partners sold 70% of the offering, while the other 30% was a synthetic secondary.
January 26, 2026 News
Electrical equipment maker Forgent Power Solutions sets terms for $1.5 billion IPO
Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, announced terms for its IPO on Monday.
The Dayton, MN-based company plans to raise $1.5 billion by offering 56 million shares （70% secondary） at a price range of $25 to $29. At the midpoint of the proposed range, Forgent Power Solutions would command a market value of $8.2 billion.
IPO Overview
Forgent Power Solutions, which manufactures electrical distribution equipment for data centers and industrial facilities, filed on Friday with the SEC to raise what we estimate could be $300 million in an initial public offering.
Forgent Power Solutions is a designer and manufacturer of electrical distribution equipment for data centers, power grids, and energy-intensive industrial facilities, offering a wide range of products including automatic transfer switches, transformers, switchgear, and power distribution units. During the fiscal year ended December 31, 2025, it served customers primarily in North America, with 42% of its business from data centers, 23% from grid applications, 19% from industrial sectors, and 16% from other markets, while producing over 1,500 unique designs annually with an average batch count of 15 units per design. The company operates 10 manufacturing campuses totaling 2.3 million square feet across Minnesota, Texas, Maryland, California, and Mexico.
The Dayton, MN-based company was founded in 2023 and booked $882 million in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol FPS. Forgent Power Solutions filed confidentially on August 13, 2025. Goldman Sachs, Jefferies, Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, TD Cowen, MUFG Securities America, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
About the Company
We are a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities. Demand for our products is growing rapidly as （i） companies accelerate investment in data centers to meet the computational requirements for cloud computing and AI, （ii） independent power producers build new generation capacity to satisfy rising electricity demand, （iii） utilities upgrade and expand T&D infrastructure to address rapid load growth, and （iv） manufacturers reshore their factories to secure their supply chains and mitigate the impact of tariffs. Electrical distribution equipment is essential for delivering electricity safely and efficiently from power plants to homes, businesses and industrial facilities, and between equipment and devices within buildings. Every power plant, utility grid, data center, manufacturing facility and commercial building requires electrical distribution equipment to operate. Because distributing electricity safely and within the parameters required for the application where it is used is fundamental, purchases of electrical distribution equipment for new facilities or to replace equipment that is at the end of its useful life are rarely, if ever, optional.