Allegro MicroSystems Announces Closing of Initial Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares

Allegro MicroSystems, Inc. (“Allegro”), a global leader in sensing and power semiconductor technology, announced today the closing of its previously announced initial public offering of 28,750,000 shares of its common stock at a price to the public of $14.00 per share, including the full exercise of the underwriters’ option to purchase an additional 3,750,000 shares from certain existing stockholders (the “Selling Stockholders”). Allegro’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “ALGM.”

After deducting the underwriting discount and estimated offering expenses payable by Allegro, the net proceeds to Allegro were approximately $320.8 million. Allegro intends to use a portion of such net proceeds to repay borrowings under its term loan facility, and the remaining net proceeds for working capital and other general corporate purposes, which may include additional debt repayments.  Allegro did not receive any proceeds from the sale of common stock by the Selling Stockholders.

Barclays, Credit Suisse, and Wells Fargo Securities served as joint lead book-running managers for the offering. Jefferies, Mizuho Securities, Needham & Company and SMBC Nikko acted as book-running managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Barclays Capital Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 888-603-5847, or by email at Barclaysprospectus@broadridge.com; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis 31 Stephens Drive, Morrisville, North Carolina 27560, Telephone: 1-800-221-1037, Email: usa.prospectus@credit-suisse.com; Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, by telephone at 800-326-5897 or by email at cmclientsupport@wellsfargo.com.

A registration statement relating to these securities was declared effective by the U.S Securities and Exchange Commission on October 28, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Media Contact: