Accelevation (ACCV.O) poised for Nasdaq debut after IPO priced below range
IPO priced below expectations; shares set to open at $18.05 versus $18 issue price after selling 30 mln shares for $540 mln raise.
05 vs $18 issue price * Miamisburg, Ohio-based firm and shareholders late Tues sold 30 mln shares, well below the $20-$24 marketed range, for $540 mln raise * ACCV offered 10 mln shares; certain selling stockholders affiliated with private equity firm Olympus Partners offloaded 20 mln * ACCV forged ahead with its offering, braving more challenging market conditions as surging bond yields and a tightening interest rate environment have muffled risk appetite * The fall new listing window continued to narrow on Tues as smart ring maker Oura became the latest US IPO hopeful to postpone its plans * Founded in 2017, ACCV designs, makes and installs power distribution, cooling and modular infrastructure for data center customers * Olympus Partners, which will control 85% voting power, bought ACCV from buyout shop LFM Capital last year * Morgan Stanley and JP Morgan leading an 11-firm underwriting group for the IPO (Lance Tupper is a Reuters market analyst.
com 1-646-279-6380)