--- title: "Olympus Partners Sells $513 Million of Accelevation's IPO and Keeps 85% of the Votes" description: "The data center supplier's $720 million Nasdaq listing sends at most $207 million gross to the company itself, and that slice goes first to buyout-era debt. Public buyers inherit the growth, 61% revenue concentration in two customers, and about one vote in eight." publisher: "The Inference" section: "Deals" published: 2026-09-24T01:09:53.567Z modified: 2026-09-24T01:09:53.567Z canonical: https://theinference.org/article/olympus-sells-513-million-of-accelevation-s-ipo-and-keeps-85-of-the-votes language: en keywords: "IPO, Private Equity, Data Centers, Nasdaq, Olympus Partners" --- # Olympus Partners Sells $513 Million of Accelevation's IPO and Keeps 85% of the Votes > The data center supplier's $720 million Nasdaq listing sends at most $207 million gross to the company itself, and that slice goes first to buyout-era debt. Public buyers inherit the growth, 61% revenue concentration in two customers, and about one vote in eight. ## A $720 million ask, mostly addressed to sellers Accelevation [launched its IPO roadshow on Tuesday](https://markets.businessinsider.com/news/stocks/accelevation-launches-roadshow-for-proposed-initial-public-offering-1036563301): 30 million shares at $20 to $24, up to $720 million gross, Nasdaq ticker ACCV [1]. The Miamisburg, Ohio maker of data-center power, cooling and white-space gear, founded in 2017 by Michael and Shawn Rubiera, wants a valuation of up to $5.37 billion [1][2]. Investors have paid for this story all year, with data-center names Innio and Madison Air each raising more than $2.5 billion [1]. *Chart: **Accelevation's ask is the smallest of the year's data-center listings** Column chart of gross IPO proceeds: Innio about $2.5 billion, Madison Air about $2.5 billion, Forgent Power Solutions $1.74 billion, Accelevation up to $720 million with a $600 to $720 million range.* *Gross proceeds raised or sought in 2026 listings, as reported: Innio and Madison Air each raised more than $2.5 billion and Forgent Power Solutions $1.74 billion at its February debut. Accelevation's shaded range is the $600 million to $720 million deal at $20 to $24 a share, before fees. [1][2]* ## Most of the money never reaches the factory The [filing splits the deal](https://www.sec.gov/Archives/edgar/data/2141406/000162828026062945/accelevationllc-sx1a2.htm). Accelevation offers 8,635,165 shares; selling stockholders led by [Olympus Partners](https://theinference.org/markets/companies/olympus-partners) offer 21,364,835, [or 71% of it](https://theinference.org/article/coinbase-brings-retail-into-ipos-with-a-deal-that-is-73-insider-exit) [3][4]. Across the range, that works out to $427 million to $513 million gross for the sellers against $173 million to $207 million for the company. The prospectus says it in one line: Accelevation "will not receive any of the proceeds" from the sellers' shares [3]. The company's own net proceeds, about $180 million at the $22 midpoint, go to repay debt, cover offering costs and fund general corporate purposes [4][7]. [The credit agreement being repaid is dated 2 January 2025, the day Olympus bought the company](https://www.channelnewsasia.com/business/olympus-backed-accelevation-files-us-ipo-6358901) [3][8]. The underwriters' 30-day option covers 4.5 million more shares, every one from the sellers [3][4]. *Chart: **Sellers collect up to $513 million; Accelevation itself tops out at $207 million** Range bars of gross IPO proceeds by recipient: company shares raise $173 to $207 million, selling stockholders $427 to $513 million, and the sellers' option another $90 to $108 million.* *Gross proceeds by recipient: filed share counts times the $20 to $24 range, before underwriting fees. Share counts from the S-1/A and the 22 September 2026 roadshow release. [3][4]* ## What the new owners inherit Olympus keeps about 85% of the voting power after listing, 83% if the option is exercised in full, leaving Accelevation a controlled company under Nasdaq rules [3]. On the filing's counts, the 30 million shares on sale carry roughly 13% of the 223.6 million votes outstanding [3][7]. The business underneath is real but concentrated. First-half revenue of $437.5 million nearly tripled from $158.6 million a year earlier and swung to $18.8 million of net income, backlog sits near $1.1 billion, and two customers provided 61% of last year's direct revenue [1][3]. The range top prices that at roughly six times annualized first-half revenue, and a tax receivable agreement with Olympus entities is expected to require "substantial" cash payments [3]. ## The bull case, and the test The trajectory is genuine: revenue grew 147% in 2025 [3][6], and Forgent Power Solutions, which raised $1.74 billion in its February debut, trades about 40% higher [1][2]. [Buyers are getting pickier about AI supply-chain names, weighing backlog quality and cash conversion over the label, said IPOX](https://www.reuters.com/technology/accelevation-backers-aim-raise-720-million-us-ipo-2026-09-22/) [2][5]. The range is being read as a stress test of what the sector can still charge, in a fall market jolted by the first US rate hike in three years [2][5]. ## Watch the print Pricing is expected in the week of 28 September [6]. The tell is blunt: if the deal clears at $24 and the sellers' option is fully used, Olympus-led holders collect about $621 million, and the company that builds the data centers collects none of it [3][4]. ## Takeaway Olympus-led holders are selling 71% of Accelevation's $720 million Nasdaq IPO and keep about 85% of the votes; the company itself nets roughly $180 million, most of it earmarked to repay buyout-era debt. Pricing is expected the week of 28 September. ## Sources 1. [Bloomberg via Yahoo Finance, "Data Center Firm Accelevation, Backer Seek $720 Million in IPO," 22 September 2026](https://finance.yahoo.com/markets/stocks/articles/data-center-firm-accelevation-backer-112016784.html) 2. [Reuters, "AI infrastructure firm Accelevation targets up to $5.4 billion valuation in US IPO," 22 September 2026](https://www.reuters.com/technology/accelevation-backers-aim-raise-720-million-us-ipo-2026-09-22/) 3. [Accelevation Holdings Corp., Form S-1/A Amendment No. 2, US Securities and Exchange Commission, filed 22 September 2026](https://www.sec.gov/Archives/edgar/data/2141406/000162828026062945/accelevationllc-sx1a2.htm) 4. [GlobeNewswire via Markets Insider, "Accelevation Launches Roadshow for Proposed Initial Public Offering," 22 September 2026](https://markets.businessinsider.com/news/stocks/accelevation-launches-roadshow-for-proposed-initial-public-offering-1036563301) 5. [Finimize, "Accelevation Sets Out For A $5.37 Billion Nasdaq IPO," 22 September 2026](https://finimize.com/content/accelevations-ipo-pitch-powering-the-ai-data-center-buildout) 6. [Renaissance Capital, "Power distribution products manufacturer Accelevation Holdings sets terms for $660 million IPO," 22 September 2026](https://www.renaissancecapital.com/IPO-Center/News/121811/power-distribution-products-manufacturer-accelevation-holdings-sets-terms) 7. [MarketWatch (Dow Jones Newswires), "Accelevation Sets IPO Terms That Could Send Market Cap Above $5 Billion," 22 September 2026](https://www.marketwatch.com/story/accelevation-sets-ipo-terms-that-could-send-market-cap-above-5-billion-d2c1a0ca) 8. [Channel News Asia (Reuters), "Olympus-backed Accelevation files for US IPO," 3 September 2026](https://www.channelnewsasia.com/business/olympus-backed-accelevation-files-us-ipo-6358901) --- Olympus Partners Sells $513 Million of Accelevation's IPO and Keeps 85% of the Votes — The Inference. Canonical: https://theinference.org/article/olympus-sells-513-million-of-accelevation-s-ipo-and-keeps-85-of-the-votes