Market Overview

Chipmaker Allegro MicroSystems Files For Nasdaq IPO

Chipmaker Allegro MicroSystems Files For Nasdaq IPO

Semiconductor manufacturer Allegro MicroSystems LLC is seeking U.S. Securities and Exchange Commission approval for a public offering with a Form S-1 filed on Tuesday.

The specifics of the number of shares and the offer price is still uncertain. On approval, Allegro’s common stock will be listed on the Nasdaq Stock Market under the symbol “ALGM.”

What Happened: The public offering by way of a prospectus will be underwritten by a consortium of banks led by Barclays PLC (NYSE: BCS), Credit Suisse Group AG (NYSE: CS), and Wells Fargo & Co (NYSE: WFC).

The company’s net sales in the fiscal year 2020 dropped to $650 million, compared to $724 million in the fiscal year 2019. Adjusted EBITDA for 2020 was $132.2 million, down from $166.8 million in the previous year.  

Why Does It Matter: In addition to consumer electronics, emerging technologies like Advanced Driver Assitance Systems in automotive and industrial markets could also boost the semiconductor industry. The company claimed a CAGR of 10.8% in automative and 8.1% from industrial markets by 2024, based on the research by Omdia.

The semiconductor industry was ruffled last month with Nvidia Corporation’s (NASDAQ: NVDA) acquisition of the British semiconductor designer Arm Ltd. The deal attracted strong reactions from all corners, including criticism from Arm Co-founder Hermann Hauser. Open-source technology company SiFive Inc. reported seeing increased interest following Nvidia's acquisition of Arm.


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