topstockalerts
Sep 30, 8:10 PM
Accelevation Holdings shares fell in their Nasdaq debut Wednesday after the data-center infrastructure maker and private-equity backer raised
$540 million in an IPO priced below the marketed range. The stock opened at
$17.55, valuing the company at about
$3.9 billion.
The offering included 30 million Class A shares at
$18 each, with Accelevation selling 10 million and sponsor Olympus Partners 20 million. Underwriters have a 30-day option for up to 4.5 million additional shares. Accelevation will use its proceeds for debt repayment, transaction expenses and general corporate purposes, while it receives no proceeds from Olympus’ secondary sale.
Customer concentration remains a risk, with two customers accounting for about 61% of direct revenue last year. Morgan Stanley and JPMorgan led the IPO, with Goldman Sachs, Barclays and BofA Securities also participating.
$JPM $GS $BAC
