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Allegro MicroSystems sets IPO price in $12-$14 range
Manchester integrated circuit maker to list shares on Nasdaq
Allegro MicroSystems, an integrated circuit manufacturer based in Manchester, has set a price range of $12 to $14 for its initial public offering.
The company, which manufactures its sensor integrated and power circuits for use in the automotive and industrial markets, announced plans for the IPO earlier this month. By setting the price range, Allegro plans to raise $325 million through the sale of 25 million shares. A sale of the shares at $13 apiece would give Allegro a market value of $2.5 billion.
It plans to list its shares on the Nasdaq under the symbol ALGM. Barclays, Credit Suisse, Wells Fargo Securities, Jefferies, Mizuho Securities, Needham & Co. and SMBC Nikko are the joint bookrunners on the deal.
Allegro, founded in 2013, reported $613 million in revenue for the 12 months ended June 30. It manufactures more than 1,000 products and says it ships over 1 billion units annually to more than 10,000 customers worldwide.
