March 18 (Reuters) - Astera Labs said on Monday it was

targeting a valuation of up to $5.18 billion after it upsized

its U.S. initial public offering, as the chip firm looks to ride

the boom in artificial intelligence.

The company said it, along with some of its existing

shareholders, is now aiming to raise up to $673.2 million by

selling 19.8 million shares priced between $32 and $34 apiece.

The company is offering nearly 16.8 million shares, while

the selling stockholders are offering about 3 million shares.

Astera had said earlier this month it was aiming to raise up

to $534 million by selling 17.8 million shares priced between

$27 and $30 each. It had then aimed a valuation of up to $4.5

billion.

The listing comes at a time when growing popularity of AI

and its influence across various sectors has been driving a

rally in technology firms, propelling stocks of companies such

as Nvidia ( NVDA ) to record highs.

Astera will list its shares on the Nasdaq Global Select

Market under the ticker symbol "ALAB".

Morgan Stanley and J.P. Morgan Securities are the lead

underwriters for the offering.