Allegro MicroSystems, a fabless chip producer for auto and industrial markets announced terms for its IPO on Wednesday and plans to list on the Nasdaq under the symbol ALGM.

Allegro Microsystems is a leading global designer, developer, fabless manufacturer and marketer of sensor and analog power ICs for the automotive and industrial markets. The company's portfolio includes more than 1,000 products, and it ships over 1 billion units annually to more than 10,000 customers worldwide.

Allegro MicroSystems plans to raise $325 million by offering 25 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Allegro MicroSystems would command a market value of $2.5 billion.