Forgent Power Solutions Announces Public Offering of Class A Common Stock
Forgent Power Solutions, Inc. (NYSE: FPS) (“Forgent” or the “Company”), a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities, today announced a public offering of its Class A common stock. The offering consists of 23,741,398 shares of Class A common stock being offered by parent entities of the Company controlled by Neos Partners, LP (the “Selling Stockholders”) and 11,258,602 shares of Class A common stock being offered by Forgent. In addition, the Selling Stockholders and the Company intend to grant the underwriters a 30-day option to purchase up to an additional 3,499,389 shares and 1,750,611 shares, respectively, of Class A common stock at the public offering price, less underwriting discounts and commissions.
Forgent will not receive any proceeds from the sale of shares by the Selling Stockholders and the net proceeds Forgent receives from the sale of its shares will be used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP. The operating subsidiary will bear or reimburse the Company for all of the expenses of the offering.
