Forgent Power Solutions

Forgent Power Solutions brings together over 100 years of experience in manufacturing electrical equipment for data centers, power grids, and industrial facilities. The company designs and manufactures mission-critical equipment: transformers, switchgear, automatic transfer switches, and power distribution units.

Forgent currently serves customers across North America, with 42% of revenue coming from data centers – a segment experiencing exponential growth driven by the AI revolution. The company operates 10 manufacturing campuses totaling 2.3 million square feet and produces over 1,500 custom equipment designs annually.

Financial performance is impressive: trailing twelve-month revenue (through September 2025) reached $882 million, up 56% year over year. Quarterly revenue growth hit 83.9%. The order backlog stands at $1.03 billion (+44% YoY), providing strong visibility into future earnings.

Forgent's model is built on supplying critical infrastructure to energy-intensive industries: data centers, power grids, and manufacturing. An ongoing 1.8 million square foot capacity expansion positions the company to reach up to $5 billion in annual revenue.

Demand for electrical infrastructure is rising alongside the AI industry – every new data center requires reliable power. Forgent holds a strategic position in this market, making it a compelling infrastructure play for long-term investors.

The Forgent Power Solutions IPO is one of the largest offerings in the energy infrastructure sector. The company plans to list on the NYSE under the ticker FPS, with a price range of $25–29 per share and an offering size of 56 million shares, targeting up to $1.6 billion in proceeds.

Forgent is going public at a valuation of up to $8.8 billion, backed by leading investment banks: Goldman Sachs, Morgan Stanley, J.P. Morgan, and Jefferies. The order backlog exceeds $1 billion, providing revenue visibility for the coming quarters.

Application and funding deadline: Tuesday, February 4, 6:00 PM (UAE).

• Business scale: Forgent operates 10 manufacturing campuses totaling over 2 million square feet across the U.S. and Mexico, producing more than 1,500 custom equipment designs annually.

• Broad market reach: The company serves customers across key segments – data centers (42% of revenue), power grids (23%), industrial (19%), and other markets (16%) – delivering full-cycle electrical equipment manufacturing.

• Competitive advantage: Among the shortest lead times in the industry. With electrical equipment in short supply for data centers, speed is a key factor in vendor selection.

• Financial growth: Trailing twelve-month revenue reached $882 million, up 56% YoY. Quarterly revenue growth hit 83.9%. Order backlog stands at $1.03 billion (+44% YoY).

• Capacity expansion: The company is completing a 1.8 million square foot manufacturing expansion, positioning it to reach up to $5 billion in annual revenue.

• Market timing: The offering comes at peak demand for energy infrastructure. U.S. data center power consumption is projected to double by 2030.

Forgent Power Solutions was formed in 2023 in response to rapidly growing demand for electrical infrastructure. Private equity firm Neos Partners created the company by consolidating four electrical equipment manufacturers – MGM Transformer, Ares Energy, States Manufacturing, and VanTran Industries. Each of these companies brought decades of industry expertise, with States Manufacturing tracing its roots back to 1924.

The consolidation was driven by surging power demand from data centers and industrial facilities. The rise of AI and cloud computing created unprecedented demand for reliable electrical equipment, yet the market remained fragmented – numerous smaller manufacturers couldn't deliver the volumes or lead times required.

Forgent unified these capabilities into a single platform with full-cycle manufacturing. The company produces all major categories of electrical distribution equipment in-house: transformers, switchgear, automatic transfer switches, and power distribution units. This enabled shorter lead times and gave customers integrated solutions instead of managing multiple vendors.

Today, Forgent operates 10 manufacturing campuses totaling over 2 million square feet across five locations – Minnesota, Texas, Maryland, California, and Mexico. The team includes more than 1,800 employees, and the company develops over 1,500 custom equipment configurations annually to meet client specifications.

Forgent's revenue model is built on manufacturing and supplying mission-critical equipment to energy-intensive industries. Key customers include data center operators, utility companies, and industrial enterprises. High customization and short lead times create a competitive moat that is difficult to replicate.

The electrical infrastructure market continues to expand alongside the AI industry. U.S. data center power consumption is projected to double by 2030, and every new facility requires reliable power. Forgent holds a strategic position in this market – the company already serves leading industry players and is ready to scale with demand.

The Forgent Power Solutions IPO is an opportunity to invest in a business at the foundation of digital infrastructure – one that is growing right alongside it.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size depends on the specific deal and typically ranges from 2% to 30% of the submitted order. In rare cases, allocation may reach up to 100%. Information about the actual IPO volume and share price we entered at becomes available roughly one day before the offering, approximately six hours prior to the trade.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.