Credo Technology Group Holding, which provides semiconductor solutions for optical and electrical Ethernet applications, raised $200 million by offering 20 million shares (8% secondary) at $10, the low end of the range of $10 to $12. The company offered 5 million fewer shares than anticipated. New and existing investors had indicated on $120 million worth of shares in the offering (60% of the deal).
The company states that it is an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data generation and corresponding bandwidth requirements increase throughout the data infrastructure market. Credo's connectivity solutions are optimized for optical and electrical ethernet applications. Its product families include Integrated Circuits (ICs), Active Electrical Cables (AECs), and SerDes Chiplets. Its intellectual property (IP) solutions consist primarily of SerDes IP licensing.
Credo Technology Group Holding plans to list on the Nasdaq under the symbol CRDO. Goldman Sachs, BofA Securities, Cowen, Mizuho Securities, Needham & Co., and Stifel acted as joint bookrunners on the deal.
