Forgent Power Shares Advance 7.4% After $1.5 Billion IPO (1)

Forgent Power Solutions Inc. shares rose 7.4% after the company and some of its backers raised $1.5 billion in a US initial public offering.

Shares of the electrical equipment maker closed at $29 in New York, compared to the IPO price of $27 each. The company and affiliates of Neos Partners sold 56 million shares after marketing them for $25 to $29 each.

The trading gave the Dayton, Minnesota-based company a market value of about $8.8 billion based on the number of outstanding shares listed in its filings.

Forgent designs, manufactures and sells equipment such as transformers, switchboards and power ...