Forgent Power announced plans for a U.S. initial public offering aiming to raise up to $1.62 billion. The electrical equipment maker plans to list on the New York Stock Exchange under the ticker FPS, offering 56 million Class A shares. Lead underwriters include Goldman Sachs, Jefferies, and Morgan Stanley.

The company estimates an IPO price between $25 and $29 per share. Its financials show strong momentum, with revenue jumping 56% to $753.2 million from fiscal 2024 to 2025. A growing backlog of over $1 billion, up 44%, suggests robust demand for its products ahead of the public listing.

Forgent's debut will test investor appetite for industrial technology stocks. The company's growth aligns with broader trends in electrification and infrastructure spending. Market observers will watch the final pricing and first-day trading for signals on valuations for similar equipment manufacturers entering public markets.