Forgent Power Prices Upsized Public Offering At $49/shr
(RTTNews) - Forgent Power Solutions, Inc. (FPS), on Thursday priced its upsized public offering of 43.65 million Class A common shares at $49 per share.
The offering is expected to close on July 6.
The selling stockholders and the company granted the underwriters a 30-day option to purchase up to an additional 6.55 million shares at the public offering price to cover over-allotments.
The offering is expected to raise approximately $2.14 billion in gross proceeds before underwriting discounts and commissions, excluding any exercise of the underwriters' option.
The offering consists of 29.09 million shares being sold by parent entities controlled by Neos Partners, LP, and 14.56 million newly issued shares being offered by the company.
The company said it will not receive any proceeds from the sale of shares by the selling stockholders.
Forgent Power Solutions closed trading 10.67% lesser at $49.90 on the New York Stock Exchange. In the overnight, the stock is 0.20% higher at $50.
