BUZZ-Forgent Power slides as PE sponsor to offload after February IPO

Forgent Power Solutions, Inc. Class A -0.89%
Goldman Sachs Group, Inc. +0.33%

Forgent Power Solutions, Inc. Class A

FPS

28.87

-0.89%

Goldman Sachs Group, Inc.

GS

863.04

+0.33%

** Forgent Power Solutions' FPS.N shares down 5.7% premarket at $33.73 after announcing secondary offering less than two months since public debut

** Designer and maker of electrical distribution equipment used in data centers late Tues announced 30 mln share offering

** Affiliates of private equity firm Neos Partners offering ~20.7 mln shares; FPS to use net proceeds it receives from sale of ~9.3 mln shares to indirectly purchase shares from entities controlled by Neos

** Goldman Sachs, Jefferies and Morgan Stanley joint lead bookrunners

** Minnesota-based FPS debuted on Feb 5 after 56 mln share IPO priced at $27

** Prior to this proposed offering, California-based Neos held ~79% stake in FPS, per the prospectus

** FPS shares traded as low as $25.95 on Feb 5, but then rose steadily to set post-IPO intraday peak of $37.53 on Mar 10


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