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Stock Markets January 26, 2026

Forgent Power Files U.S. IPO Plan to Raise Up to $1.62 Billion

Electrical equipment manufacturer targets NYSE listing under ticker FPS with a proposed price range of $25 to $29 per share

By Ajmal Hussain
Forgent Power Files U.S. IPO Plan to Raise Up to $1.62 Billion

Forgent Power has filed to offer Class A common stock in the United States, aiming to raise as much as $1.62 billion. The company plans to list on the New York Stock Exchange as FPS. The proposed offering totals 56 million shares, with specific allocations from the company and selling shareholders. Forgent reported substantial revenue growth year over year and a rising backlog as of September 30, 2025.

Key Points

  • Forgent Power intends to raise up to $1.62 billion in a U.S. initial public offering and plans to list on the NYSE under the ticker "FPS."
  • The proposed offering includes 56 million Class A shares, with 16,586,823 shares offered by Forgent Power Solutions and 39,413,177 shares offered by selling stockholders Forgent Parent I LP and Forgent Parent IV LP.
  • Forgent reported revenues of $753.2 million for fiscal 2025, a 56% increase year over year, and a backlog of $1,027.1 million as of September 30, 2025, up 44% from the prior-year date.

Forgent Power, a maker of electrical equipment, announced plans to pursue an initial public offering in the United States that could bring in up to $1.62 billion. The company intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol "FPS."

The proposed offering comprises 56,000,000 shares of Class A common stock in total. Of those shares, Forgent Power Solutions would sell 16,586,823 shares, while selling stockholders Forgent Parent I LP and Forgent Parent IV LP would offer 39,413,177 shares. The company has provided an estimated per-share IPO price range of $25.00 to $29.00.

Forgent has retained a syndicate of investment banks to manage the deal. Goldman Sachs, Jefferies, and Morgan Stanley are listed as lead underwriters. Additional underwriters named in the registration include J.P. Morgan, BofA Securities, Barclays, TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, and Oppenheimer & Co.

Financial snapshot

The company reported a revenue increase of 56%, rising to $753.2 million from fiscal 2024 to fiscal 2025. Forgent also disclosed a backlog of $1,027.1 million as of September 30, 2025, which it said represents a 44% increase compared with the same date in the prior year.

What this means for markets and sectors

  • The filing signals a sizable capital markets transaction for the electrical equipment and industrial manufacturing sectors, given the up-to-$1.62 billion target.
  • Banking and capital markets activity is affected through the roster of lead and participating underwriters managing the offering.
  • The company's reported revenue growth and increased backlog are relevant indicators for investors assessing demand and near-term revenue visibility within the electrical equipment domain.

Key considerations

  • Structure of the offering - the split between company shares and shares sold by existing shareholders may influence capital raising and ownership outcomes.
  • Price range guidance - the $25.00 to $29.00 per-share range provides a framework for valuing the deal but is subject to market conditions during the IPO process.
  • Underwriter syndicate - a broad mix of lead and co-managing banks reflects a significant institutional distribution effort.

The company filing contains the numeric details above but does not provide further commentary in this release on use of proceeds, exact timing, or other forward-looking specifics beyond the structure and size of the proposed offering and the stated historical financial metrics.

Risks

  • The final IPO price and timing are not guaranteed - the indicated $25.00 to $29.00 range may change depending on market conditions, affecting capital raised and valuation - this impacts investors and capital markets participants.
  • A substantial portion of the offering is being sold by existing shareholders, which may influence post-IPO ownership and potential share supply in the market - relevant to equity investors and secondary market dynamics.
  • Details on use of proceeds and other forward-looking items are not provided in this announcement, limiting visibility into how the company will deploy capital raised - this creates uncertainty for stakeholders assessing growth investments in the electrical equipment sector.

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