Power Equipment Maker Forgent, Backers Raise $1.5 Billion in IPO

Forgent Power Solutions Inc. and some of its backers raised $1.5 billion in its US initial public offering, pricing its shares at the midpoint of the marketed range.

The designer and manufacturer of electrical equipment used in data centers priced its shares at $27 each, according to a statement Wednesday. The company sold 16.6 million shares, while affiliates of Neos Partners sold 39.4 million shares, after marketing them for $25 to $29 each. The offering was double digits oversubscribed, people familiar with the matter have said.

The pricing gives the Dayton, Minnesota-based company a market value of about $8.2 ...