Forgent Power Solutions is seeking to raise as much as $1.62bn in a US initial public offering, according to a report by Bloomberg citing a filing with the US Securities and Exchange Commission.

The Minnesota-based company plans to sell 56m shares at $25 to $29 each. At the top of the range, Forgent would be valued at about $8.8bn.

Forgent designs and manufactures electrical equipment including transformers, switchboards, and power distribution units used in data centres that require continuous uptime. The business was formed in 2023 by Neos Partners, which built the platform through a series of acquisitions in 2023 and 2024.

For the three months ended 30 September, Forgent reported net income of $10m on revenue of $283m, up from $6.3m of net income on $154m of revenue a year earlier. The company employs about 2,000 people across manufacturing sites in the US and Mexico.

Neos will continue to control the majority of voting power after the IPO. The offering is being led by Goldman Sachs, Jefferies, and Morgan Stanley, with shares expected to trade on the NYSE under the ticker FPS.

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