ALLEGRO RAISES $350 MILLION IN NASDAQ DEBUT
Allegro Microsystems CEO Ravi Vig celebrates after the company’s stock made its debut on the Nasdaq on Oct. 29.
Allegro Microsystems, an integrated circuit manufacturer based in Manchester, raised some $350 million in its initial public offering after selling 25 million shares of stock in its debut on the Nasdaq Oct. 29.
The company’s stock — listed under the symbol ALGM — debuted at $14 a share and closed on the first day at $17.70, a 26% increase. The $14-a-share sale gave Allegro a market value of over $2.5 billion.
The company, which manufactures sensor integrated and power circuits for use in the automotive and industrial markets, announced plans for the IPO earlier in October.
Barclays, Credit Suisse, Wells Fargo Securities, Jefferies, Mizuho Securities, Needham & Co. and SMBC Nikko were the joint bookrunners on the deal.
Allegro, founded in 2013, reported $613 million in revenue for the 12 months ending June 30. It manufactures more than 1,000 products and says it ships over 1 billion units annually to more than 10,000 customers worldwide.
MILFORD CANDLE COMPANY OPENS NEW FACILITY IN OHIO
Milford-based
Alene Candles has seen its business pick up substantially in recent
months and is opening another facility in New Albany, Ohio — its second
in that city.
Rod
Harl, president and CEO of the company, said the expansion in Ohio will
create about 60 new jobs, at least initially. The $30 million,
280,000-square-foot facility is about twice as large as the Milford
location, he said. The site will be used to develop new manufacturing
technology that will eventually be used at the Milford plant.
Although
Alene temporarily stopped producing candles and instead began
manufacturing face shields for about five weeks during the pandemic, it
has since returned to candle-making in time for the holiday rush.
“Business
has been strong,” said Harl, explaining people are turning to candles
to provide additional comfort at home during these unusual times.
PRIVATE EQUITY FIRM EYES DUNKIN’ TAKEOVER
The
owner of Dunkin’ Donuts, the restaurant chain whose locations are
ubiquitous across New Hampshire, is negotiating with a private
equity-backed company for a sale that values the chain at nearly $9
billion.
The potential takeover, reported first by The New York Times, would come at a nearly 20% premium to Dunkin’s share price.
Dunkin’
Brands is the parent of Dunkin’ and Baskin Robbins, which together have
21,000 franchised outlets. The new owner would be Inspire Brands, a
conglomerate backed by the investment firm Roark Capital, which has been
on a buying spree in recent years, acquiring chains like Arby’s,
Buffalo Wild Wings and Jimmy Johns.
