Allegro Microsystems Pulls IPO; Who Can Blame It?
The great tech IPO drought continues.
In the latest sign that the market is really not that interested in tech industry IPOs, chipmaker Allegro Microsystems today filed with the SEC to withdraw its planned initial offering, citing “current market conditions.” Which might have been a nice way of saying no one was all that interested.
The last couple of tech IPOs have been less than rewarding for investors. GT Solar (SOLR), which makes equipment used to make solar cells, became public in July at $16.50, and now trades at $11.25. But the company looks like a moneymaker. … at least, that is, for class-action lawyers, who have already filed at least eight separate lawsuits over the stock’s quick post-offering swoon.
