(Reuters) – Astera Labs said on Friday it was eyeing a valuation of up to $4.51 billion in its U.S. initial public offering, as the chip firm looks to list amid a wave of enthusiasm for artificial intelligence.
The company said it, along with some of its existing shareholders, is aiming to raise up to $534 million by selling 17.8 million shares priced between $27 and $30 each.
Astera is offering nearly 14.8 million shares in the offering, while the selling stockholders are offering about 3 million shares.
The listing comes at a time when technology firms have rallied amid growing popularity for AI, driving the stock market to record highs.
Social media platform Reddit has also lined up its highly anticipated U.S. stock market debut this month.
Astera will list its shares on the Nasdaq Global Select Market under the ticker symbol “ALAB”.
Morgan Stanley and J.P. Morgan Securities are the lead underwriters for the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
Comments