WASHINGTON (dpa-AFX) - Accelevation Holdings Corp. (ACCV), an automotive company, on Tuesday announced the launch of the roadshow for its proposed initial public offering of 30 million Class A common shares.
The offering includes 8.64 million shares from the company and 21.36 million shares from selling stockholders.
The selling stockholders may also grant underwriters a 30-day option to purchase up to 4.5 million additional shares.
The IPO price is expected to be between $20 and $24 per share.
The company has applied to list its shares on the Nasdaq Global Select Market under the ticker ACCV.
The company plans to use its net proceeds to purchase newly issued units in Accelevation Holdings LLC.
The LLC plans to use the proceeds to repay debt, pay offering and organizational expenses, and for general corporate purposes.
The company will not receive proceeds from shares sold by the selling stockholders.
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