Finance History|Nasdaq MarketSite — Thirty-Six Dollars That Opened at Fifty-Two Fifty-Six
· 2024-3
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Finance History|Nasdaq MarketSite — Thirty-Six Dollars That Opened at Fifty-Two Fifty-Six
kevin
People treat Astera Labs as a Santa Clara connectivity shop that always printed ALAB on a mature Nasdaq book.
The first public print was a seven-year-old chip house selling into an AI bid.
Astera Labs, Inc. priced 19,800,000 common shares at 36.00 U.S. dollars on 19 March 2024. The company's own release split that book into 16,788,903 new shares and 3,011,097 shares from existing holders.
Gross proceeds to the company, before discounts and expenses, were expected at about 604.4 million U.S. dollars in 2024 currency. Selling stockholders kept their own slice.
The 36.00 price sat above a marketed range that had already been lifted from 27-30 to 32-34 U.S. dollars.
Trading began 20 March 2024 on the Nasdaq Global Select Market under the letters ALAB.
Reuters recorded an open at 52.56 U.S. dollars and an intraday high of 63.50. Crunchbase recorded the close at 62.03, more than 72 percent above the offer.
For the year ended 31 December 2023 the firm had reported revenue of 115.8 million U.S. dollars and a net loss of 26.3 million.
The letters on the tape were ALAB.
The pin is the Times Square MarketSite board that carried the first-day tape. The trading itself ran on Nasdaq's electronic book.
The mechanism is an upsized semiconductor IPO that cleared above a raised range because buyers treated a connectivity chip as an AI infrastructure claim.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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