Forgent Power slides as PE sponsor to offload after February IPO

Forgent Power Solutions' FPS.N shares down 5.7% premarket at $33.73 after announcing secondary offering less than two months since public debut

Designer and maker of electrical distribution equipment used in data centers late Tues announced 30 mln share offering

Affiliates of private equity firm Neos Partners offering ~20.7 mln shares; FPS to use net proceeds it receives from sale of ~9.3 mln shares to indirectly purchase shares from entities controlled by Neos

Goldman Sachs, Jefferies and Morgan Stanley joint lead bookrunners

Minnesota-based FPS debuted on Feb 5 after 56 mln share IPO priced at $27

Prior to this proposed offering, California-based Neos held ~79% stake in FPS, per the prospectus

FPS shares traded as low as $25.95 on Feb 5, but then rose steadily to set post-IPO intraday peak of $37.53 on Mar 10