Astera Labs, a developer of devices and software in the field of artificial intelligence, raised $713 million during an initial public offering in the United States, Bloomberg writes with a link to the company's message.
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Details
Astera and its shareholders sold 19.8 million shares at a price of $36. Initially, the company planned to place 17.8 million shares at a price of $27-30 per share, then the size of the offer increased to 19.8 million shares in the range of $32-34.
Based on the number of outstanding shares, the market value Astera is worth about $5.5 billion, Bloomberg estimates. The company's fully diluted value, taking into account stock options and restricted securities, is close to $6 billion, according to the agency's calculations.
Astera increased the size of its IPO amid investor interest in projects related to artificial intelligence, Bloomberg noted. The company was founded in 2017 and is developing semiconductor-based solutions to “unlock the full potential of cloud infrastructure and artificial intelligence,” follows from the information on its website. In 2022, the company conducted a financing round and raised $150 million at a valuation of $3.15 billion.
Who are the investors
Astera's investors include Intel's venture arm. The largest shareholder is the investment company Sutter Hill Ventures, after listing it will control 12.6% of Astera shares, and its affiliated funds will control 6.4%.
Astera founders, CEO Jitendra Mohan and COO Sanjay Gajendra will own 6.1% and 5% of the shares, respectively.
Astera's IPO has become the largest in 2024 so far, Bloomberg notes. It outpaced the latest major listings of US technology companies.