Mar 19, 2024
Super Micro Offers to Sell 2 Million Shares After Market Rally
Bloomberg News
,(Bloomberg) -- Super Micro Computer Inc. is offering to sell 2 million shares of common stock in a public offering that could raise as much as $2 billion.
The computer server maker has been on a stock market tear of late, riding the wave of enthusiasm in artificial intelligence to a gain of nearly 1,000% over the past 12 months, and earning a $56 billion market cap. Its stock, whose recent rally dwarfs even that of Nvidia Corp., was just added to the S&P 500 Index, a confirmation of its ascension into the big leagues and exposing it to an ever-larger base of investors.
The company is offering shares at $900 to $1000.68 each, people familiar with the matter told Bloomberg. Super Micro didn’t immediately respond to a request for comment.
The shares fell about 11% to $895.57 in premarket trading after the announcement of the share offering.
Goldman Sachs Group is the sole underwriter for the proposed offering, the company said in a statement on Tuesday. The firm will have a 30-day option to purchase up to an additional 300,000 shares of Super Micro common stock.
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