Overview
- The company and selling shareholders raised $540 million by selling roughly 30 million shares at $18 each, which was below the marketed $20 to $24 range.
- Accelevation’s shares opened at $17.55 on Nasdaq on Wednesday, Sept. 30, giving the company an implied valuation near $3.92 billion.
- The Miamisburg, Ohio firm supplies power distribution, cooling, structural systems and installation services for data centers and grew revenue to $447.8 million in 2025 from under $3 million in 2021.
- Private equity owner Olympus Partners bought Accelevation last year and the IPO included selling shareholders who monetized part of their stakes, with Morgan Stanley and J.P. Morgan as joint lead bookrunners.
- Rising bond yields and a more selective IPO market have made pricing harder and this tepid debut could tighten investor scrutiny of AI infrastructure deals, especially on customer concentration, project cancellations and backlog conversion risks.