Forgent Power Solutions

Forgent Power Solutions, an electrical equipment maker backed by PE firm Neos Partners, went public in February 2026 and has since completed three follow-on stock offerings (March, June, early July) totaling ~182M shares worth ~$7B gross value. Neos rapidly reduced its voting stake from ~81% post-IPO to below 50% within five months by offloading shares while the stock traded strongly. Goldman Sachs, Jefferies, and Morgan Stanley led all offerings and the IPO, raising questions about sponsor conviction and lock-up mechanisms.