Astera Labs said on Monday it was targeting a valuation of up to $5.18 billion after it upsized its U.S. initial public offering, as the chip firm looks to ride the boom in artificial intelligence.
The company said it, along with some of its existing shareholders, is now aiming to raise up to $673.2 million by selling 19.8 million shares priced between $32 and $34 apiece.
The company is offering nearly 16.8 million shares, while the selling stockholders are offering about 3 million shares.
The listing comes at a time when growing popularity of AI and its influence across various sectors has been driving a rally in technology firms, propelling stocks of companies such as Nvidia (NVDA.O) to record highs.
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.
