Allegro MicroSystems Announces Pricing of Primary Offering

Company Overview - Allegro MicroSystems, Inc. is a global leader in power and sensing solutions for motion control and energy-efficient systems, focusing on automotive and industrial markets [5] - The company designs, develops, and manufactures sensor integrated circuits and application-specific analog power ICs, contributing to the electrification of vehicles and energy-efficient technologies [5] Offering Details - Allegro announced a primary offering of 25,000,000 shares of common stock at a public offering price of $24.00 per share, resulting in gross proceeds of$600,000,000 [1] - After accounting for underwriters' discounts, net proceeds to Allegro are expected to be $579,000,000 [1] - The underwriters have a 30-day option to purchase an additional 3,750,000 shares at the public offering price [1] - Proceeds will be used to repurchase shares from Allegro's majority shareholder, Sanken Electric Co., Ltd., at the same price per share as the offering [1] - Post-offering, Sanken will hold approximately 33.2% of Allegro's outstanding common stock, or 32.5% if the underwriters' option is fully exercised [1] Underwriters and Advisors - Barclays, Morgan Stanley, and UBS Investment Bank are acting as joint lead book-running managers for the offering [2] - BofA Securities, Mizuho, and Jefferies are serving as book-running managers, while PJT Partners and Needham & Company are co-managers [2] - PJT Partners is also acting as a financial advisor to Allegro [2] Regulatory Information - The offering is made pursuant to an effective shelf registration statement filed with the SEC on July 23, 2024 [2] - Shares will be offered only by means of a prospectus supplement and the accompanying prospectus [2]