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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

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By Tomi Kilgore

Credo Technology Group Holding Ltd. /zigman2/quotes/200581458/composite CRDO +0.41% 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 /zigman2/quotes/207665280/composite IPO +4.72% has tumbled 26.6% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.58% has gained 3.9%.

/zigman2/quotes/200581458/composite
US : U.S.: Nasdaq
$ 9.86
+0.04 +0.41%
Volume: 418,618
May 19, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.42 billion
Rev. per Employee
$250,568
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 30.40
+1.37 +4.72%
Volume: 98,764
May 19, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,900.79
-22.89 -0.58%
Volume: 2.77B
May 19, 2022 4:57p
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