05:16 AM EDT, 03/20/2024 (MT Newswires) -- Astera Labs said Tuesday it has priced its initial public offering of 19.8 million common shares at $36 per share.

The offering consists of about 16.8 million shares being offered by the company and about 3 million being offered by certain of the company's existing stockholders.

Underwriters will have a 30-day option to purchase up to about 3 million additional common shares from Astera Labs.

Shares are expected to begin trading on the Nasdaq Global Select Market this Wednesday under the ticker symbol, "ALAB." The offering is set to close on Friday.

Gross proceeds from the offering are estimated to be about $604.4 million. The company said it will not receive any proceeds from the sale of the shares by the selling stockholders.