01:29 PM EDT, 03/20/2024 (MT Newswires) -- Astera Labs (ALAB) shares debuted on Nasdaq Global Select Market Wednesday with an opening price of $52.56 apiece, above the initial public offering price of $36 per share.

The shares were rising more than 64% in recent trading.

The company said the IPO, which is expected to close Friday, consists of 16,788,903 shares offered by the company and 3,011,097 shares by certain stockholders, with gross proceeds anticipated at $604.4 million.

Price: 59.23, Change: +23.23, Percent Change: +64.53