Astera Soars 72% on AI-Fueled Demand After $713 Million IPO
- Chip connectivity firm’s IPO fourth largest in US this year
- Share sale elevates expectation for IPOs including Reddit’s
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Astera Labs Inc. jumped 72% in its trading debut after the semiconductor connectivity company’s initial public offering topped expectations to raise $713 million, adding momentum to AI-related stocks and a listings rebound.
The shares, which sold for $36 apiece in the IPO and rose as much as 76% on Wednesday, closed at $62.03, giving the Santa Clara, California-based company a market value of $9.46 billion. Including stock options and restricted share units, Astera has a fully diluted value of $10.4 billion.