Sept 29 (Reuters) - Accelevation and selling shareholders raised $540 million in a US initial public offering, the private equity-backed data center infrastructure firm said on Tuesday.
They sold 30 million shares at $18 apiece, below the marketed range of $20 to $24 each. Accelevation sold 10 million shares in the IPO, while certain selling stockholders affiliated with Olympus Partners parted ways with 20 million shares.
The Miamisburg, Ohio-based company pressed ahead with its offering despite surging bond yields and a tightening interest-rate environment that has dampened investor risk appetite.
The typically busy fall listing window has gotten off to a shaky start, with market volatility promptingseveral companies to delay their flotation plans.
The listing is being closely watched as a key test for the AI infrastructure theme as investors become more selective, while setbacks in the data center landscapethreaten to narrow the window to tap the IPO market.
"AI infrastructure is the dominant theme of the 2026 IPO market, but there's no question that market conditions have worsened," said Matt Kennedy, a seniorstrategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"Not long ago, IPO investors would line up for almost any AI infrastructure play. That's no longer the case. New AI stocks aren't a 'sure thing' like they were in the early summer. We saw some cracks in the story with Holtec Nuclear's postponement."
Founded by Michael and Shawn Rubiera in 2017 as a small manufacturing company, Accelevation has swiftly expanded in recent years, scaling to $447.8 million in revenue in 2025 from less than $3 million in 2021.
Accelevation provides infrastructure products and services to the data center market. Private equity firm Olympus Partners boughtAccelevation from buyout shop LFM Capital last year.
Morgan Stanley and J.P. Morgan were joint lead bookrunning managers. Accelevation will debut on the Nasdaq under the symbol "ACCV" on September 30.
(Reporting by Arasu Kannagi Basil and Nethra Sailesh in Bengaluru; Editing by Shilpi Majumdar and Perla Velasco)
