Astera Labs has announced a higher valuation of US$5.18 billion is being sought through its upcoming initial public offering (IPO).
Connectivity chip provider Astera said on Monday that it was now aiming to raise up to US$673.2 million through the IPO, after a previous announcement this month said US$534 million was being sought from the sale of 17.8 million shares.
This would have valued the company at US$4.5 billion, with shares initially expected to be priced between US$27 and US$30 each.
Some 19.8 million shares are set to be sold at between US$32 and US$34 each under the new plan though, which comes as Astera looks to capitalise on the artificial intelligence boom.
This will see the company offer up around 6.8 million shares, with stockholders selling a further 3 million shares.
Astera is planning to list on the Nasdaq Global Select Market under the “ALAB” ticker symbol.
Its listing comes after hype around AI over the past year has driven a rally in technology companies’ shares, such as Nvidia, to new highs.