Investor Alert

Jan. 18, 2022, 8:01 a.m. EST

Credo Technology sets IPO terms, as networking company could be valued at up to $1.7 billion

Credo Technology Group Holding Ltd. (NAS:CRDO) has set terms for its initial public offering, in which the networking company is looking to raise up to $280.6 million. The company is offering 23.38 million shares in the IPO, which is expected to price between $10 and $12 a share, and selling shareholders are offering 1.62 million shares. With 144.95 million shares expected to be outstanding after the IPO, the company could be valued at up to $1.74 billion. The stock is expected to trade on the Nasdaq under the ticker symbol "CRDO." Goldman Sachs and BofA Securities are the lead underwriters. The company recorded a net loss of $16.7 million on revenue of $37.2 million over the six months ended Oct. 31, after a loss of $19.3 million on revenue of $25.5 million in the same period a year ago. The company is looking to go public at a time of relative investor disdain for recent IPOs, as the Renaissance IPO ETF (PSE:IPO) has tumbled 26.6% over the past three months while the S&P 500 (S&P:SPX) has gained 3.9%.

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