Friday, August 22, 2008

Allegro Microsystems yanks IPO plans

By Mass High Tech Staff

Worcester-based semiconductor manufacturer Allegro MicroSystems Inc. is pulling its planned initial public offering, citing negative market conditions.

The company filed for its IPO, expecting to raise $115 million, in August of 2007. In a statement, Allegro CFO Mark Feragne said the company continues to experience growth and possesses “sufficient capital to internally fund our current business and to support our growth objectives for the foreseeable future.”

Allegro MicroSystems makes integrated circuits and analog power semiconductors for a variety of markets, including automotive and computer electronics.

In 2007 the company reported $21 million in net income on $321 million in sales.

Dennis Fitzgerald, Allegro’s CEO, said the company will look at going forward with the offering “when market conditions improve.”