The IPO Buzz: Astera Labs (ALAB) Prices IPO at $36.00 – $2.00 Above the Range

Astera Labs (ALAB Proposed), the AI-driven semiconductor connectivity company, priced its IPO at $36.00 – $2.00 above the recently increased price range – on Tuesday night (March 19, 2024). The IPO’s size was 19.8 million shares – the number of shares in the prospectus. Astera Labs raised $712.8 million on Tuesday night. Astera’s IPO is expected to start trading on Wednesday, March 20, 2024, on the NASDAQ. At pricing, Astera Labs had a market cap of $5.45 billion.

Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank Securities, Evercore ISI and Jefferies are the joint book-runners.

The pricing reflects the heat surrounding this IPO.

Astera Labs increased its IPO’s size early Monday to 19.8 million shares – up from 17.8 million originally – and moved the price range up to $32.00 to $34.00 – up from $27.00 to $30.00 initially – to raise $653.4 million.

“Get what you can” was the word on Astera Labs’ IPO. 

Astera Labs has collaborations with NVIDIA, Intel and others – and strong revenue growth.

The company, founded in 2017 in Santa Clara, California, is not yet profitable. For the year ended Dec. 31, 2023, Astera Labs reported a net loss of $26.3 million on revenue of $115.8 million.

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