AI infrastructure firm Accelevation tumbles on day 2 as US IPO window narrows
ACCV•Accelevation shares fell as much as 8.1% to $16.50 on Thursday, a day after its IPO priced at $18, below the marketed $20-$24 range. The 30-million-share offering included 10 million shares sold by the company and 20 million by selling stockholders affiliated with Olympus Partners.
1. Shares retreat after IPO
Accelevation shares fell as much as 8.1% to $16.50 on Thursday, the day after they closed at $17.95 following an IPO priced at $18 per share. The 30-million-share offering was priced below its marketed range of $20 to $24.
2. IPO market tightens
The Miamisburg, Ohio-based data center infrastructure firm sold 10 million shares, while stockholders affiliated with Olympus Partners sold 20 million. Accelevation proceeded with its IPO as surging bond yields and a tightening interest rate environment dampened risk appetite. Smart ring maker Oura postponed its IPO plans on Tuesday, while the Renaissance IPO ETF fell nearly 12% in the third quarter.
