Forgent Power Solutions, a US designer and manufacturer of electrical distribution equipment for the data center sector, has launched its initial public offering (IPO) roadshow targeting a $1.62 billion raise.

The IPO consists of 39,413,177 shares of Class A common stock offered by the parent entities of the firm controlled by Neos Partners, and 16,586,823 shares of Class A common stock offered by Forgent.

As part of the IPO, the selling stockholders and Forgent intend to grant the underwriters a 30-day option to purchase up to an additional 5,911,977 shares and 2,488,023 shares, respectively, of Class A common stock at the IPO price.

The Minnesota-based company plans to sell 56 million shares at $25 to $29 each and targets a valuation of around $8.8bn at the high end.

Neos will maintain majority voting power following the IPO. The IPO is being led by Goldman Sachs, Jefferies, and Morgan Stanley, with shares expected to trade on the NYSE under the ticker FPS.

Forgent is one of the largest manufacturers of electrical equipment for data centers. Its offerings include transformers, switchboards, and power distribution units used in the sector. The company was launched in 2023 by mid-market investment firm Neos Partners.