Accelevation Holdings Corp. and its backer Olympus Partners plan to raise up to $720 million through a US initial public offering, a Tuesday filing with the Securities and Exchange Commission shows, Bloomberg reported.
Key points
- Accelevation and Olympus Partners offer 30 million shares at $20–$24 each, targeting up to $720 million
- Company sells about 8.6 million shares; Olympus offers about 21.4 million
- Valuation reaches up to $5.37 billion at the top of the price range
- Stock to list on Nasdaq under ticker ACCV; Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities are among the underwriters
- Filing joins a pipeline of AI-linked IPOs including Nscale and the anticipated Anthropic debut
Accelevation offer structure and $5.37 billion valuation
The Miamisburg, Ohio-based firm, established in 2017, designs, produces and installs power distribution, cooling and modular systems for data center operators. The offering comprises about 8.6 million shares from Accelevation and about 21.4 million shares from Olympus Partners, the backer. At the top of the price range the deal values the company at $5.37 billion, Reuters reported.
Autumn IPO season and peer listings
Tuesday’s filing comes as the autumn IPO season opened cautiously amid concerns over climbing bond yields and the first US interest-rate increase in three years, according to Reuters. A pipeline of big-name issuers points to a pickup: Nvidia-backed AI cloud firm Nscale filed publicly this month, smart-ring maker Oura launched its roadshow this week, and AI startup Anthropic is preparing for a potential blockbuster listing later in the year, according to Reuters.
Kat Liu, vice president at research firm IPOX, said investors will focus more on a company’s position in the value chain, the strength of its order book and how well robust demand converts into revenue, profitability and cash generation. Peer Forgent Power Solutions, a maker of power systems for data centers and utility networks, has risen roughly 40% since its February debut, Reuters noted.
ACCV Nasdaq listing and underwriters
Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities are among the underwriters. The shares are expected to trade on Nasdaq under the symbol ACCV.
