Allegro MicroSystems, which is a fabless chip producer for auto and industrial markets being spun out of Sanken, raised $350 million by offering 25 million shares at $14, the high end of the range of $12 to $14.
Allegro Microsystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (ICs) and application-specific analog power ICs for the automotive and industrial markets. The company's portfolio includes more than 1,000 products, and it ships over 1 billion units annually to more than 10,000 customers worldwide.
Allegro MicroSystems plans to list on the Nasdaq under the symbol ALGM. Barclays, Credit Suisse, Wells Fargo Securities, Jefferies, Mizuho Securities, Needham & Co. and SMBC Nikko acted as bookrunners on the deal.
