Credo Prices 2022’s First Big U.S. Tech IPO at Bottom of Range

Credo Technology Group Holding Ltd. and selling shareholders raised $200 million in a downsized initial public offering, pricing shares at the bottom of a marketed range.

The offering is the year’s first significant tech IPO in the U.S. and only the 11th globally, with worries over interest rates, market volatility and a Russian invasion of Ukraine chilling would-be listings. That’s an underwhelming contrast to the 17 IPOs raising $3.5 billion, including Playtika Holding Corp.’s $2.2 billion offering in New York, at this point in 2021, according to data compiled by Bloomberg.

Credo and the selling shareholders sold 20 million ...