Astera Labs Boosts IPO Size, Price Range as AI Stocks Rally (1)

Astera Labs Inc., an Intel Corp.-backed semiconductor connectivity company, raised the size of its planned initial public offering by 26% as the investor frenzy around artificial intelligence plays picks up steam.

Astera and its investors plan to sell 19.8 million shares at $32 to $34 each, according to an updated registration statement filed Monday with the Securities and Exchange Commission. The offering would raise as much as $673.2 million.

Previously, the IPO consisted of 17.8 million shares at $27 to $30 each, or as much as $534 million.

The additional shares will come entirely from Astera, boosting the ...