Astera Labs Prices Shares Above Target for $713 Million IPO (2)

Astera Labs Inc. and its investors raised $713 million in the semiconductor connectivity company’s initial public offering, pricing the shares above a marketed range that had already been elevated.

Tapping demand for investments related to artificial intelligence, Astera and the current stockholders sold 19.8 million shares Tuesday for $36 each, according to a statement confirming an earlier report by Bloomberg News. Astera, whose backers include Intel Corp. along with Sutter Hill Ventures, had marketed the shares for $32 to $34 after increasing both the size and price target for the share sale.

At the IPO ...