Forgent Power Solutions and its private equity backer Neos Partners are looking to sell around 35 million shares in what would be the company’s third stock offering since listing in February, according to a report by Bloomberg.
The proposed sale reportedly comprises 23.3 million shares held by Neos affiliates and 11.7 million shares issued by Forgent. Based on Forgent’s Monday closing price of $54.99, the offering would raise around $1.9bn in total.
Forgent said proceeds from its portion of the transaction will be used to redeem equity interests in an operating partnership held by Neos affiliates, meaning Neos will receive all net proceeds from the sale.
The company raised $1.74bn in its February IPO, priced at $27 per share. Its shares have since more than doubled, supported by investor demand for companies exposed to the buildout of AI data centre infrastructure. The latest offering would reduce Neos’ voting power in Forgent to around 40%, according to an SEC filing.
Goldman Sachs, Jefferies and Morgan Stanley are reportedly advising on the offering.
