Astera Labs, which designs advanced chip-based connectivity products used in data centers, raised $713 million by offering 19.8 million shares (15% secondary) at $36, above the upwardly revised range of $32 to $34. The company originally planned to offer 17.8 million shares (17% secondary) at a price range of $27 to $30 before revising the terms on Monday.
Astera Labs has developed its Intelligent Connectivity Platform for cloud and AI infrastructure. The platform comprises semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors; and COSMOS, its software suite which is embedded in its connectivity products and integrated into customers' systems. Since its inception, the company has created and commercialized first-to-market PCIe, Ethernet, and CXL products, and has had more than 300 design wins. Astera Labs sells its products primarily through distributors, though it also works with and sells directly to hyperscalers (AWS, GCP, Azure) and system OEMs.
Astera Labs plans to list on the Nasdaq under the symbol ALAB. Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank, Evercore ISI, and Jefferies acted as joint bookrunners on the deal.
