Accelevation prices at $18, below its range, as Oura pulls its $2.1 billion IPO
Accelevation's data-center power IPO priced at $18, below its marketed range, and starts trading today while Oura shelves its $2.1 billion ring offer; Hong Kong's ESWIN Computing is the one open subscription.
Accelevation Holdings priced its data-center power IPO at $18 on Tuesday night, two dollars below the bottom of the $20.00-to-$24.00 range it had been marketing, and its shares begin trading on the Nasdaq this morning under the ticker ACCV. 1 The deal that was supposed to price beside it, Oura's $2.1 billion smart-ring offer, left the calendar instead: the company postponed it on September 29, the eve of its planned Nasdaq debut, saying that demand was strong but that uncertainty in the IPO market had pushed it to wait. 2 Both had been due to trade today. Hong Kong has one public subscription open, and it runs through next Tuesday.
Today's spotlight: Accelevation Holdings (ACCV)
Status: Priced. The company sold 30 million shares at $18.00 on September 29, below the $20.00-to-$24.00 range it filed on September 22, and the stock starts trading on the Nasdaq Global Select Market today. 13
The business in one sentence: Accelevation makes and installs the power distribution and white-space infrastructure that sits inside data centers — branch circuit whips, remote power panels, power distribution units and their monitoring, plus thermal management and field installation into factory-built packages — and sells it to hyperscale, colocation, AI and cloud operators. 1
Why it matters to a retail account: The AI data-center buildout has been the steadiest source of new listings this year, and Accelevation is the only large US deal to reach the market this week. 4 The price says what buyers made of it: at $18 the company raised $540 million, and at the $22 midpoint of its range it would have raised about $660 million. 1 Stock Analysis puts the implied market value at about $4.0 billion. 3
The number to watch: $1.1 billion. That was Accelevation's backlog at June 30, 2026, on $727 million of revenue for the twelve months to that date, after revenue grew 147% in 2025. 1 Backlog is work already ordered. When it stops growing, the growth story is done.
The risk: Two-thirds of the sale was the owner cashing out. About 67% of the 30 million shares came from selling stockholders, and Olympus Partners, the private equity firm that has owned the business since early 2025, keeps majority voting power after the listing. 1 A heavily secondary deal that prices below its range tells you less about the company than the same print on a primary offering would.
Subscription status: Closed. An offering that prices overnight can be bought only in the open market from today. The one pre-pricing retail route was a directed share program of up to 5% of the shares, sent to people the company and its stockholders identified. 5 The bookrunners — Morgan Stanley, J.P. Morgan, Goldman Sachs, Barclays, BofA Securities, Houlihan Lokey, Baird, William Blair, Piper Sandler, WR Securities and Nomura Securities — are all institutional. 1
Actionable now
Verified open US IPO allocations: 0. An allocation becomes actionable for a retail investor only when five fields line up: a ticker, a confirmed price, a deal-specific minimum buy-in, an order deadline, and a broker that will take the order. This week's two large deals each fall short.
| Offer | Ticker and price | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Accelevation | ACCV; priced at $18.00 on Sept 29 1 | Unpublished | Passed — the deal priced, and the stock trades today | The bookrunners are institutional; pre-pricing access ran through an invited 5% directed share program 5 |
| Oura | OURA; $40.00–$44.00, filed Sept 21 6 | Unpublished | Withdrawn — the offer was postponed Sept 29 2 | Robinhood, a co-manager on the deal, and Coinbase as a selling-group member; both channels closed with the offer 7 |
The Nasdaq exchange publishes its own IPO calendar as a data feed, and this run tested it. It returns priced, upcoming and filed tables with expected pricing dates and offer amounts — Accelevation and Siyata dated September 30, Roze AI dated September 29 — and carries no retail minimum, deadline or broker name. 8
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center | 12 tracking rows, among them ACCV at $18.00, Oura, Web3Labs Global and BW Industrial Holdings | Deal minimums and order cutoffs go unpublished 9 |
| Nasdaq official IPO calendar feed (new) | Priced, upcoming and filed tables, with expected pricing dates | No retail fields 8 |
| Click Capital Markets (new) | A broker-dealer distribution network for new issues | No public list of open offerings 10 |
| Interactive Brokers IPO page (new) | Page not found | None 11 |
| Moomoo US IPO page (new) | A rate-limit error page | None 12 |
| Longbridge IPO page (new) | Generic site, with no IPO page | None 13 |
Market pulse
- Oura pulled the biggest deal of the fall season. The $2.1 billion offering was postponed on September 29, and the company pointed to IPO-market uncertainty while calling demand strong. 2 It is the third US listing to leave the calendar in eight days: Bamboo Insurance postponed a $665 million NYSE deal on September 22 and Amaero pulled a $53 million Nasdaq cross-listing on September 24. 14
- September's pricings split sharply by story. ADARx Pharmaceuticals, the Phase 3 biotech that priced at the top of its range, trades 21.4% above its $17.00 offer, while Electra Therapeutics sits 24.3% below $15.00, Orion180 Insurance 15.2% below $12.00 and American Savings Bank 14.8% above $16.00. 15
- Hong Kong's retail heat still produces jumps. Camsense (06802) closed its first day at HK$215.20, up 265.7% from its HK$58.85 offer, after opening at HK$168.00 and turning over HK$653 million. 16 The rest of the September cohort sits below its listing prices: Transwarp Technology is 29.6% under, Medcaptain Medical 54.3% under, Longsys 17.2% under. 16
HK desk
One public subscription is open in Hong Kong, and it runs for another six days.
| Code and company | Offer price | Board lot and entry cash | Public close | Listing |
|---|---|---|---|---|
| 01256 ESWIN Computing | HK$1.48–HK$1.59 | 2,000 shares; HK$3,212.07 | Noon HKT, Oct 6 | Oct 9 17 |
Beijing ESWIN Computing designs chips around the RISC-V instruction set — human-machine-interaction and multimedia chips for televisions, monitors, laptops, phones and watches, and connectivity and computing chips for cars, robots and industrial equipment — and outsources the manufacturing, packaging and testing. 17 The company describes itself as China's largest domestic supplier of smart-device human-machine-interaction chip products by 2025 revenue. 17 It is offering 1.57 billion H shares, of which 157.02 million are set aside for the Hong Kong offer, and expects net proceeds of about HK$2.27 billion at HK$1.54: 35% for new chip products, 30% for its RISAA platform, 15% for acquisitions, 10% for marketing and 10% for working capital. 17 Sponsors are CITIC Securities (Hong Kong) and China Securities (International). 17
The four windows that closed last week listed on September 29 with mixed results. Direct Drive ended 2.7% above its HK$21.60 offer and Kinwong 10.0% above HK$69.88, while RA Materials finished 8.6% below HK$44.00 and Robotechnik 6.5% below HK$436.00. Their public tranches were subscribed 208.6 times, 94.3 times, 3.4 times and 8.7 times respectively. 16
On the radar: September 30 to October 14
Renaissance Capital's calendar shows nothing scheduled to price after this week as of this morning, so the near pipeline is filings rather than dated deals. Where a source publishes a pricing week, the week is given. 4
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Gravitics Holdings (GVTX) | undisclosed | undisclosed | 8.1M shares; $14.00–$17.00; Nasdaq | Space-structures developer listing alongside a merger with a dormant OTC shell, on $0.4 million of revenue in the year to March 31, 2026 18 |
| Web3Labs Global (MDAT) | week of Sept 30 | undated | 6.3M shares; $4.00–$5.00; Nasdaq | Hong Kong-based Web3 company; Eddid Securities USA leads the offering 19 |
| BW Industrial Holdings (BWGC) | week of Oct 2 | undated | 2.6M shares; $6.00–$7.00; Nasdaq | Industrial services, on the same small-broker route 19 |
| Source Agriventures (SRAV) | undated | undated | filed for $15 million | Farmland owner 8 |
| TFP Group (TFP) | undated | undated | filed for an estimated $350 million | Specialty insurance and reinsurance MGA; Morgan Stanley leads the largest filing of the past week 20 |
| City Therapeutics (CTY) | undated | undated | filed for $100 million | Phase 1 biotech developing RNA interference therapies for thromboembolic disease 21 |
| Nscale (NSCL) | undated | undated | filed for about $2.0 billion | UK data-center developer, the largest US listing in the pipeline 22 |
Roze AI (RZAI) and Siyata (PTT) both began trading this week as direct listings, which sell no new shares at an offer price and run no subscription. 323
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1Renaissance Capital: Accelevation Holdings prices IPO at $18, below the range
renaissancecapital.com
- 2Renaissance Capital: Smart ring maker Oura postpones $2.1 billion IPO
renaissancecapital.com
- 3Stock Analysis IPO Calendar
stockanalysis.com
- 4Renaissance Capital IPO Calendar
renaissancecapital.com
- 5
- 6Renaissance Capital: Oura sets terms for $2.1 billion IPO
renaissancecapital.com
- 7Robinhood IPO Access
robinhood.com
- 8Nasdaq IPO calendar data feed
api.nasdaq.com
- 9Webull IPO Center
webull.com
- 10Click Capital Markets
clickipo.com
- 11Interactive Brokers
interactivebrokers.com
- 12Moomoo US IPO page
moomoo.com
- 13Longbridge
longbridge.com
- 14Renaissance Capital: US IPO Weekly Recap
renaissancecapital.com
- 15Renaissance Capital: Recently Priced IPOs
renaissancecapital.com
- 16ET Net IPO Page
etnet.com.hk
- 17ET Net: ESWIN Computing 01256
etnet.com.hk
- 18Renaissance Capital: Gravitics Holdings sets terms for $125 million
renaissancecapital.com
- 19IPOScoop IPO Calendar
iposcoop.com
- 20Renaissance Capital: TFP Group files for an estimated $350 million US IPO
renaissancecapital.com
- 21Renaissance Capital: City Therapeutics files for a $100 million IPO
renaissancecapital.com
- 22Renaissance Capital: Nscale files for an estimated $2.0 billion US IPO
renaissancecapital.com
- 23Renaissance Capital: Roze AI finalizes Nasdaq direct listing
renaissancecapital.com
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