Accelevation targets up to $5.4 billion valuation in US IPO

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Sept 22 (Reuters) - AI infrastructure provider Accelevation is targeting a valuation of up to $5.37 billion in its US initial public offering, the company said on Tuesday, joining a wave of firms tapping investor demand for AI-related stocks.

The Miamisburg, Ohio-based Accelevation and some selling shareholders are aiming to raise up to $720 million by offering 30 million shares priced between $20 and $24.

Morgan Stanley, J.P. Morgan, Goldman Sachs and BofA Securities, among others, are the underwriters for the offering.

Accelevation plans to list its shares on Nasdaq under the symbol “ACCV."

(Reporting by Pragyan Kalita in Bengaluru; Editing by Sahal Muhammed)

((Pragyan.Kalita@thomsonreuters.com;))