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Data center electrical equipment maker Forgent Power Solutions seeks $1.62 billion IPO
Tuesday, January 27, 2026 at 01:29 PM
Forgent Power Solutions, a manufacturer of electrical infrastructure for data centers, has filed for an IPO seeking up to $1.62 billion at an $8.8 billion valuation. The company specializes in producing transformers, switchboards, and power distribution units, and was formed via acquisitions by Neos Partners. The IPO is expected to price on February 4.
Context
Forgent Power Solutions has launched its roadshow for an initial public offering on the New York Stock Exchange under the ticker FPS, seeking to raise up to $1.62 billion. The offering of 56 million shares is priced between $25.00 and $29.00, implying a market valuation of approximately $8.8 billion at the high end. Formed by private equity firm Neos Partners through a series of acquisitions in 2023 and 2024, the company is expected to price its shares on February 4, 2026.
The listing highlights the critical role of electrical infrastructure in the AI-driven data center build-out. Forgent manufactures specialized transformers, switchboards, and power distribution units essential for the high-density computing clusters required for generative AI. With fiscal 2025 revenue surging 56% to $753.2 million and a current backlog exceeding $1 billion, the IPO provides a rare pure-play opportunity for investors targeting the physical power delivery constraints of the global semiconductor supply chain.
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