BUZZ - Artificial intelligence infrastructure company Accelevation sees stock price drop on Nasdaq debut due to IPO pricing below range

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September 30 - ** Shares of artificial intelligence infrastructure company Accelevation Holdings (ACCV.O) fell on their first day of trading on Nasdaq as its offering price was below expectations.

** The opening price was $17.55, below the offering price of $18; the stock recently traded at $17.95.

** The company, headquartered in Miamisburg, Ohio, and its shareholders sold 30 million shares (link) at a price well below the $20 to $24 range (link) on Tuesday evening, raising a total of $540 million.

** ACCV issued 10 million shares; certain selling shareholders associated with private equity firm Olympus Partners sold 20 million shares.

** ACCV pushed ahead with the offering (link) despite increasingly harsh market conditions, as bond yields soared and a tightening interest rate environment restrained risk appetite in the market.

** On Tuesday, the window for new IPOs this autumn continued to narrow. Smart ring manufacturer Oura became the latest U.S. IPO candidate to postpone its listing plans (link).

** ACCV, founded in 2017, designs, manufactures, and installs power distribution, cooling, and modular infrastructure for data center clients.

** Olympus Partners acquired ACCV from private equity firm LFM Capital last year and will hold 85% of the company’s voting rights.

** Morgan Stanley and JPMorgan are leading an underwriting syndicate of 11 institutions to underwrite the IPO.

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