Company Name: Forgent Power Solutions, Inc.
Date of Prospectus: January 31, 2026

Forgent Power Solutions, Inc. IPO: In-Depth Investor Analysis, Financials & Listing Outlook

Forgent Power Solutions IPO Snapshot: Key Details for Investors

Forgent Power Solutions, Inc. (proposed symbol: FPS) is launching its initial public offering (IPO) on the New York Stock Exchange, aiming to capitalize on robust sectoral growth in electrical distribution equipment and data center infrastructure. The IPO offers investors exposure to a newly consolidated industry leader with substantial market share and ambitious expansion plans.

• IPO Symbol: FPS (NYSE application submitted)
• Offer Price: \$27.00 per share (midpoint of range)
• Total Shares Offered: 56,000,000 Class A common shares
• Over-Allotment Option (Greenshoe): up to 2,488,023 additional shares from the company and 5,911,977 from selling stockholders
• Post-IPO Outstanding Shares: 230,845,924 Class A shares
• Estimated Total Offer Size: \$1,512,000,000
• Expected Listing Date: Not specifically disclosed; shares expected to be delivered against payment in New York “on or about” 2026
• Dividend Policy: No commitment to pay dividends; future payments at the discretion of the Board based on earnings, capital requirements, and other factors.

Use of Proceeds: Growth and Deleveraging Focus

Forgent Power Solutions plans to utilize net IPO proceeds of approximately \$427.7 million (assuming no greenshoe exercise) to indirectly purchase 16,586,823 Opco LLC Interests from Opco at the IPO price, less underwriting discounts and commissions. Opco will then redeem these interests from Existing Opco LLC Owners. The proceeds are aimed at organizational restructuring and indirect deleveraging, not direct capital expenditures or R&D, signaling a focus on simplifying ownership and strengthening the balance sheet, rather than immediate expansion or operational investment. Offering expenses are projected at \$17.6 million.

Placement and Issuance Breakdown

• Public Offer: 56,000,000 Class A shares
• Selling Stockholders: Included in the greenshoe option (up to 5,911,977 shares)
• Employee Allocation: Up to 24,354,311 shares of Class A common stock reserved for future grants or sale under the 2026 Plan

Investor Participation & Book Quality

Joint lead book-running managers: Goldman Sachs & Co. LLC, Jefferies, and Morgan Stanley, supported by J.P. Morgan, BofA Securities, Barclays, TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, and Oppenheimer & Co.
Bookrunners and underwriters are among the most prominent in global equity capital markets, suggesting strong institutional interest and a robust book-building process. No anchor investors or pre-IPO cornerstone allocations are specifically named. Oversubscription and tranche-by-tranche subscription levels are not disclosed.

Pre-listing disposals: Shares in the greenshoe option may be sold by existing stockholders, but there is no mention of large-scale pre-IPO exits by early investors.

Deal Parties, Underwriting, and Stabilization

• Global Coordinators/Bookrunners: Goldman Sachs & Co. LLC, Jefferies, Morgan Stanley
• Additional Bookrunners: J.P. Morgan, BofA Securities, Barclays, TD Cowen, MUFG, Wolfe | Nomura Alliance, KeyBanc Capital Markets, Oppenheimer & Co.
• Underwriters’ Over-Allotment Option: Up to 8,400,000 additional shares (aggregate from company and selling stockholders)
• Sponsor: Neos Partners, LP (controls all Continuing Equity Owners and, post-IPO, will retain 81.60% economic interest if no greenshoe is exercised)

Based on the prominence of the underwriting syndicate and global coordinators, the IPO is likely to attract substantial institutional support and see strong listing-day stabilization, as inferred from the bookrunner composition and allocation process.

Business Model, Revenue Streams & Industry Position

Forgent Power Solutions, Inc. is a holding company operating through Forgent Intermediate LLC (“Opco”) and its subsidiaries, specializing in the design, manufacturing, and sale of electrical distribution equipment. The company’s core revenue streams include:

• eHouses
• Power skids
• Power distribution units
• Switchgear, switchboards, panelboards, remote power panels
• Generator connection cabinets, tap boxes, automatic transfer switches
• Dry-type and liquid-filled transformers

Key customer segments: Data centers, grid/utility operators, industrial clients, and other end markets. Revenue by offering and end market is based on management estimates. The company is a market leader in North America, with proprietary brands including “PwrQ,” “States Manufacturing,” and “VanTran.”

Industry definition: Electrical distribution equipment, including the above categories, with sectoral tailwinds from data center construction, grid modernization, and digital transformation. Exact industry size or market share numbers are not given, but the company positions itself as a major player in a growing, infrastructure-driven market.

Financial Performance Overview

Forgent Power Solutions shows strong growth in revenue, EBITDA, and backlog, as demonstrated in the following key financial metrics across multiple periods:

Debt: Pro forma debt post-offering is \$600,000,000. Cash and cash equivalents are projected at \$150,152,000 after the IPO.
EBITDA margins: Adjusted EBITDA margin for year ended June 30, 2025: 22.5% (Pro Forma 2024: 20.6%).
Net tangible book value per share post-IPO: \$(1.04), representing a dilution of \$28.04 per share to new investors at the \$27.00 offer price.

Market Position and Competitive Advantages

Forgent Power Solutions leverages well-known brands and proprietary technology, with a focus on end markets requiring high reliability and customization (e.g., data centers and grid infrastructure). Trademarks include “PwrQ,” “States Manufacturing,” and “VanTran.” The company benefits from strong customer relationships, a multi-product portfolio, and management’s deep expertise in the sector. Market share, exact industry rank, and peer comparisons are not numerically specified.

Management Team

• Gary J. Niederpruem – CEO
• Ryan S. Fiedler – President
• Tyson K. Hottinger – Chief Legal Officer
• Peter Jonna, Frank Cannova, David Savage – Directors

The team brings experience in manufacturing, industrial scaling, and public company governance. Specific prior roles or achievements are not detailed.

Sector Trends, Timing and Market Environment

The company operates in a sector driven by:

• Expansion in data center infrastructure and cloud computing
• Grid modernization and energy transition initiatives
• Increased investments in industrial automation and reliability

Backlog growth and revenue acceleration reflect robust demand. The prospectus notes favorable macroeconomic trends, strong sectoral tailwinds, and increasing capital deployment into infrastructure and digital transformation. Seasonality is not highlighted as a major factor, and the company’s business model is adaptable to evolving end-user requirements.

Recent Corporate Developments

• Organizational Reorganization: “Up-C Transactions” and Reorganization Transactions to streamline ownership and optimize tax structure
• Acquisitions: Recent business acquisitions include the MGM Transaction, PwrQ, States, and VanTran
• New Credit Facility: Proceeds used for redemption of existing member interests and repayment of prior debt

Market conditions for the IPO are described as supportive, with a high-quality underwriter syndicate and strong end-market demand.

Risk Factors

Investors should note several key risk exposures:

• High Indebtedness: Pro forma debt of \$600 million post-offering could limit financial flexibility and increase vulnerability to interest rate changes.
• Customer Concentration: Not quantified, but typical for infrastructure and industrial suppliers.
• Uncertain Access to Additional Capital: “We may not be able to raise additional capital…on favorable terms, if at all, or without dilution…”
• Complex Organizational Structure: Tax Receivable Agreement and Up-C structure may create additional costs and governance complexities.
• Controlled Company Status: Neos Partners, LP retains “controlled company” status post-IPO, with 81.60% economic/voting interest, declining to 78.85% if greenshoe is fully exercised. This entitles the company to governance exemptions, possibly reducing minority shareholder protections.
• Emerging Growth Company Risks: Reduced reporting, only two years of audited financials, and exemptions from Sarbanes-Oxley auditor attestation.
• Future Dilution: Up to 24,354,311 shares reserved for future grants or sales under the 2026 Plan.
• Market Volatility: Stock price may be highly sensitive to sector trends, trading volumes, and macroeconomic shifts.
• Other Risks: No current commitment to pay dividends, possible exposure to supply chain disruptions, regulatory change, and execution risk on integration and expansion plans.

Growth Strategy: Expansion, Products, and M&A

Forgent Power Solutions’ growth plan is multifaceted:

• Capacity Additions: Continued investment in manufacturing and supply chain to support data center and grid infrastructure growth
• M&A: Ongoing evaluation of strategic acquisitions (recent transactions include MGM, PwrQ, States, VanTran)
• Product Development: Investment in proprietary technology and new product capabilities
• Geographic Expansion: Focus on North American leadership, with potential to address adjacent markets

No specific capex pipeline or quantified expansion timeline is disclosed, but recent acquisitions and backlog growth support the company’s expansion narrative.

Ownership Structure and Lock-ups

Lock-up period: 180 days for officers, directors, and continuing equity owners; possible early release in certain blackout periods. Up to 10% of total shares may be issued for strategic transactions during the lock-up.

Valuation and Peer Comparison

No specific peer company symbols or valuation multiples are disclosed in the prospectus. New investors will pay an average of \$27.00 per share, whereas continuing equity owners’ average cost basis is \$2.34 per share, resulting in significant dilution to new shareholders.

Dilution per share to new investors: \$28.04 relative to pro forma net tangible book value.
No peer company performance or sector performance tables are included.

Research Coverage and Analyst Opinions

No analyst research coverage, institutions, or price targets are included in the prospectus.

IPO Allotment Result

Final subscription outcome by tranche is not disclosed.

Listing Outlook: Should Investors Subscribe?

Based strictly on prospectus disclosures, Forgent Power Solutions offers:

• Strong sector positioning, robust revenue growth, and a high-profile underwriter syndicate—factors that generally support a positive first-day performance.
• Risks include high leverage, a complex organizational structure, heavy continuing insider control, and significant dilution for new investors.
• Market conditions, as described, appear supportive, with sectoral tailwinds and no apparent negative macro indicators in the company’s core end-markets.

Estimated listing range and performance: While no explicit first-day trading range is projected, the involvement of leading bookrunners and a compelling growth narrative suggest the IPO is likely to see strong demand and price stability relative to the offer price, barring sector-wide volatility.

Access to the Prospectus

The full prospectus can be accessed at: www.sec.gov

How to Apply

Application channels, dates, and eligibility requirements have not been disclosed in the prospectus.