In today’s briefing:
- Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow
- Accelevation (ACCV) Brings Data Center Infrastructure to Nasdaq in $660 Million IPO
- Oura Inc. (OURA US): Oura’s $14.4 Billion IPO: A Smart Ring With Big Ambitions
- ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening
- Weekly Update (THRM, MOD, PPLI)
- American Financial Group’s $125 Million Charleston Harbor Gain Could Lift Investment Income Further!
- Accelevation Holdings (ACCV): A High-Growth Bet on the Infrastructure Behind AI
- IPO Rating: Accelevation Holdings Corp.
- Base Oils and Lubricants: Weekly Global Market Review – 25 Sep ’26
- Merlin Inc.: It Abandoned One Certification Path — What If The Bigger Aircraft Bet Works Before The Cash Story Gets Harder?
Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow
- The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
- Intra-Review changes from two M&A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
- We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.
Accelevation (ACCV) Brings Data Center Infrastructure to Nasdaq in $660 Million IPO
- Accelevation Holdings Corp. (ACCV) plans to sell 30.0 million shares of Class A common stock at $20 to $24 per share and list on the Nasdaq Global Select Market .
- At the $22 midpoint , the offering would total $660 million and imply an approximately $4.92 billion equity value on an as-exchanged basis , which includes the LLC units that existing owners can exchange for Class A shares.
- Accelevation is issuing 8.64 million shares, while existing stockholders are selling 21.36 million shares.
Oura Inc. (OURA US): Oura’s $14.4 Billion IPO: A Smart Ring With Big Ambitions
- Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
- Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
- Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.
ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening
- September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
- The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
- The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.
Weekly Update (THRM, MOD, PPLI)
- On September 23, 2026, People Incorporated (PPLI) withdrew its $48.30 per share proposal to take MGM Resorts International (MGM) private.
- Diller said the ingredients weren’t coming together, while noting People remains “open to and interested in the possibility of a strategic transaction” later.
- MGM fell 11% as the premium came out of the stock.
American Financial Group’s $125 Million Charleston Harbor Gain Could Lift Investment Income Further!
- American Financial Group reported its second quarter 2026 results with a 32% increase in core net operating earnings per share to $2.82, driven by strong underwriting margins, premium growth, and higher net investment income.
- The company recorded an annualized core operating return on equity of 19.2%.
- Its $17.1 billion investment portfolio benefited from a 23% year-over-year increase in net investment income, boosted by improved alternative investment returns, which generated an annualized return of approximately 7.1% for the quarter compared to 1.2% in the prior year.
Accelevation Holdings (ACCV): A High-Growth Bet on the Infrastructure Behind AI
- AI infrastructure exposure: Accelevation provides integrated power distribution and data center infrastructure solutions to hyperscale, cloud and AI customers.
- Rapid growth: LTM Q2 2026 revenue reached $727 million, up 204%, with adjusted EBITDA of $132 million and an 18.2% margin.
- Strong demand: A $1.11 billion backlog and relationships with leading hyperscalers support the growth outlook, while SkyBridge offers additional expansion potential.
IPO Rating: Accelevation Holdings Corp.
- ✓ IPO Prophet Rating: 7.90/10 🏦 Deal Quality & Underwriters: 7.75/10 Accelevation Holdings presents a high-growth AI and data-center infrastructure offering of 30.00 million shares at $20.00–$24.00, representing approximately $660 million at the midpoint, with trading expected September 30, 2026, on Nasdaq under ACCV.
- The company designs, manufactures and installs power-distribution, cooling and modular infrastructure for hyperscale, cloud and other data-center customers.
- Morgan Stanley and J.P. Morgan are leading the transaction, supported by Goldman Sachs, Barclays and BofA Securities, providing the deal with a strong institutional underwriting platform.
Base Oils and Lubricants: Weekly Global Market Review – 25 Sep ’26
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Asia’s spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.
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Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.
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The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.
Merlin Inc.: It Abandoned One Certification Path — What If The Bigger Aircraft Bet Works Before The Cash Story Gets Harder?
- Merlin, Inc. [MRLN] sits at an unusual point in the autonomous-flight investment cycle.
- The company is no longer simply demonstrating whether software can fly an aircraft.
- Its Merlin Pilot architecture is intended to perform functions traditionally handled by human pilots, support reduced-crew or unmanned operations, and ultimately work across multiple aircraft types.
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