Accelevation's $660 million data-center IPO and Oura's $2.1 billion ring lead next week; Hong Kong's last window closes today
Accelevation's $660 million data-center power IPO and Oura's $2.1 billion smart-ring offer both price next week, ADARx starts trading today after pricing at the top of its range, and Hong Kong's last open subscription window closes at noon.
Two deals list today and nothing prices. ADARx Pharmaceuticals sold 26.3 million shares at $17, the top of its range, and its Nasdaq debut is this morning; a $150 million blank-check offering, Bluerock Acquisition Corp. II, lists alongside it. Next week carries the heavier US calendar, with Oura and Accelevation — about $2.75 billion between them — both due September 30. Hong Kong's last public window open this week closes at noon today. 1234
Today's spotlight: Accelevation Holdings (ACCV)
Status: Accelevation filed terms on September 22 for 30 million shares at $20.00 to $24.00, to list on the Nasdaq Global Select Market under ACCV, and Renaissance Capital expects it to price in the week of September 28. Firstrade and Stock Analysis carry September 30 as the listing date. 2567
The business in one sentence: Accelevation makes and installs the power gear that sits inside data centers — branch circuit whips, remote power panels, power distribution units and their monitoring — and sells to hyperscale, colocation, AI and cloud operators. 6
Why it matters to a retail account: This is the AI data-center buildout arriving as a stock, and Accelevation is the second-largest deal on next week's US calendar. 3 The catch is access: the bookrunners are Morgan Stanley, J.P. Morgan, Goldman Sachs and eight other firms, with no retail broker named on the deal. A directed share program reserves up to 5% of the shares for people the company and its stockholders identify — an invited list rather than an open window. 56
The number to watch: 3.5x. Accelevation booked 3.5 dollars of new orders for every dollar of revenue in the three months to June 30, 2026, and 2.5 dollars over six months — demand arriving faster than it can ship. Backlog was about $1.1 billion at June 30, on $727 million of revenue for the twelve months to that date, after 147% growth in 2025. A book-to-bill sliding toward 1 would be the first sign the order wave is flattening. 56
The risk: Most of the sale is a cash-out. Of the 30 million shares, 21.4 million — 71% — come from selling stockholders, and the overallotment of up to 4.5 million more comes entirely from them; Accelevation sells 8.6 million new shares, about $173 million to $207 million before costs. Owner Olympus Partners, a private equity firm, keeps majority voting power after the listing. 56
Subscription status: No public subscription window is open and no price is set. The 5% directed share program is by invitation. 5
Actionable now
Verified open US IPO allocations: 0. Five fields have to line up before an allocation is actionable: ticker, a confirmed price range, a deal-specific minimum buy-in, an order deadline, and a named broker order path. Oura meets three of the five.
| Offer | Ticker and price range | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Oura | OURA; $40.00–$44.00, filed Sept 21 | Unpublished | Unpublished; a confirmation window of at least 60 minutes runs the day before trading | Robinhood, a co-manager on the deal, and Coinbase as a selling group member 89 |
| Accelevation | ACCV; $20.00–$24.00, filed Sept 22 | Unpublished | Unpublished | None named; the bookrunners are institutional 5 |
Readers can repeat the check:
| Surface checked this morning | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center | 14 tracking rows, among them OURA, ACCV, ADRX and PTT | Deal minimums and order deadlines unpublished 10 |
| Robinhood IPO Access | Program rules; only offerings Robinhood takes part in appear, and the live list sits inside the app | The Oura row above 8 |
| Firstrade upcoming IPO list | Oura, Accelevation and Siyata, each dated Sept 30 | No order cutoff or minimum published 7 |
Market pulse
- ADARx priced at the top of its range and grew the deal. The Phase 3 biotech sold 26.3 million shares at $17, up from the 21.9 million it had filed, raising $446 million. AbbVie raised its concurrent private placement to 5.2 million shares, a 4.9% stake. 1
- Two deals pulled this week, and the quarter came in light. Bamboo Insurance postponed a $665 million NYSE offering on September 22, and Amaero pulled a $53 million Nasdaq cross-listing on September 24. Renaissance Capital's third-quarter review counted 31 US listings raising $34.9 billion, of which $26.5 billion was SK hynix's offering alone; without it, proceeds were $8.4 billion, held back by AI spending concerns, a 19-year high in bond yields and resumed rate hikes. 111213
- Hong Kong's hottest tranches have not held up. Mech-Mind Robotics drew 3,835 times the shares offered to the public and trades 18.1% below its HK$101.70 listing price; Transwarp Technology drew 73.9 times and sits 22.4% below its HK$49.00 listing price. Six of the nine most recent listings on ET Net's table are below their listing price. 4
HK desk
One public subscription window is open, and it closes at noon Hong Kong time today.
| Code and company | Offer price | Board lot and entry cash | Public close | Listing |
|---|---|---|---|---|
| 06802 Camsense | HK$58.85 | 100 shares; HK$5,944.35 | Sept 25 (today) | Sept 30 14 |
Camsense is Shenzhen Camsense Technologies, which makes spatial sensing parts — LiDAR, dToF and line lasers — for robot vacuums and says it supplied all five of the world's largest robot-vacuum makers in 2025. Net proceeds at HK$58.85 would be about HK$615.4 million, 65% for research and development and 25% for manufacturing. 14
Four windows closed this week, and their shares list on September 29: 03228 Kinwong, 03757 Robotechnik, 06731 Direct Drive and 09607 RA Materials. 4
Ligent Technologies, trading since September 22 from a HK$32.96 listing price after a public tranche 35.2 times subscribed, is 10.6% above that price. 4
On the radar: September 25 to October 9
Where a source publishes a pricing week rather than a date, the week is given; the other rows say undisclosed.
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Accelevation (ACCV) | week of Sept 28 | Sept 30 | 30.0M shares; $20.00–$24.00; Nasdaq | The $660 million data-center power deal above, with 71% of the shares secondary 3 |
| Oura (OURA) | week of Sept 28 | Sept 30 | 50.0M shares; $40.00–$44.00; Nasdaq | At $2.1 billion, the largest deal on the calendar, with Robinhood as a co-manager 9 |
| Siyata (PTT) | undisclosed | Sept 30 | 6,112,327 shares at $7.00; Nasdaq | A $42.8 million fixed-price deal, the smallest of next week's four 2 |
| Gravitics (GVTX) | undisclosed | undisclosed | 8.1M shares; $14.00–$17.00; Nasdaq | A 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 15 |
| Bluerock Acquisition Corp. II (BRRK) | Sept 25 | Sept 25 | 15.0M units at $10.00; Nasdaq | Today's $150 million blank-check listing, with no operating business behind the units 2 |
| City Therapeutics (CTY) | undated | not scheduled | filed for $100 million | A Phase 1 biotech working on RNA interference therapies for thromboembolic diseases 16 |
| Nscale (NSCL) | undated | not scheduled | about $2.0 billion filed | A UK data-center developer with one of the largest US listings in the pipeline 17 |
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1Renaissance Capital: ADARx prices upsized IPO at $17
renaissancecapital.com
- 2Stock Analysis IPO Calendar
stockanalysis.com
- 3Renaissance Capital IPO Calendar
renaissancecapital.com
- 4ET Net IPO Page
etnet.com.hk
- 5
- 6Renaissance Capital: Accelevation Holdings sets terms
renaissancecapital.com
- 7Firstrade Upcoming IPOs
firstrade.com
- 8Robinhood IPO Access
robinhood.com
- 9Renaissance Capital: Oura sets terms for $2.1 billion IPO
renaissancecapital.com
- 10Webull IPO Center
webull.com
- 11Renaissance Capital: Bamboo Insurance Services postpones $665 million IPO
renaissancecapital.com
- 12Renaissance Capital: Amaero postpones $53 million Nasdaq cross-listing
renaissancecapital.com
- 13Renaissance Capital's 3Q 2026 US IPO Market Review
renaissancecapital.com
- 14ET Net: Camsense 06802
etnet.com.hk
- 15Renaissance Capital: Gravitics Holdings sets terms
renaissancecapital.com
- 16Renaissance Capital: City Therapeutics files for a $100 million IPO
renaissancecapital.com
- 17Renaissance Capital: Nscale files for an estimated $2.0 billion US IPO
renaissancecapital.com
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