Astera Labs shares jump 46% on strong Nasdaq debut

By Thomson Reuters Mar 20, 2024 | 11:45 AM

(Reuters) – Shares of Astera Labs jumped 46% on their Nasdaq debut on Wednesday, giving the chip firm a market capitalization of $8.02 billion.

The stock opened at $52.56 each, above its initial public offering price (IPO) of $36 apiece.

Astera is the first big technology firm to list this year amid a stuttering rebound in the IPO market in the United States.

Social media platform Reddit’s long-awaited market debut is slated for Thursday, while cybersecurity software startup Rubrik is planning to list as early as April, Reuters had reported last month.

Astera, along with some of its existing investors, raised $712.8 million by selling 19.8 million shares priced at $36 each, above the marketed range of $32 to $34 apiece in its upsized U.S. IPO.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)