Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Astera Labs (ALAB US) is scheduled to debut its IPO on 20 March. The company is offering 17.8 million shares at a price of $27 to $30 per share. </li>
<li>Founded in 2017, Astera Labs is a fabless semiconductor company headquartered in Silicon Valley. The company designs and sells semiconductor technology, but the production is outsourced.</li>
<li>Astera Labs' major competitors include Montage Technology (688008 CH), Parade Technologies (4966 TT), Broadcom (AVGO US), Credo Technology Group Holding (CRDO US), and Marvell Technology (MRVL US).</li>
</ul>


Astera Labs (ALAB US) is scheduled to debut its IPO on 20 March. The company is offering 17.8 million shares at a price of $27 to $30 per share. 
Founded in 2017, Astera Labs is a fabless semiconductor company headquartered in Silicon Valley. The company designs and sells semiconductor technology, but the production is outsourced.
Astera Labs' major competitors include Montage Technology (688008 CH), Parade Technologies (4966 TT), Broadcom (AVGO US), Credo Technology Group Holding (CRDO US), and Marvell Technology (MRVL US).


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.</li>
<li>California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO.  </li>
<li>At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.</li>
</ul>


Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.
California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO.  
At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.


Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside

<ul>
<li>Astera Labs, a cloud- and AI connectivity-focused semiconductor company, filed to go public. Top-tier underwriters Morgan Stanley and J.P. Morgan are leading the offering.</li>
<li>The fabless semiconductor unicorn plans to raise up to $500M. Selling stockholders intend to sell shares and the number of shares is yet to be announced.</li>
<li>I like the long-term, AI/cloud story. However, the IPO may look too pricey at more than $3B valuation despite the company’s revenue acceleration and improving profitability.</li>
</ul>


Astera Labs, a cloud- and AI connectivity-focused semiconductor company, filed to go public. Top-tier underwriters Morgan Stanley and J.P. Morgan are leading the offering.
The fabless semiconductor unicorn plans to raise up to $500M. Selling stockholders intend to sell shares and the number of shares is yet to be announced.
I like the long-term, AI/cloud story. However, the IPO may look too pricey at more than $3B valuation despite the company’s revenue acceleration and improving profitability.


Astera Labs IPO Preview and Valuation Analysis: Will Pricey IPO Frighten The Investors Off?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

<ul><li><p>Marvell had a pretty solid result and guided to sequentially better revenue.</p></li><li><p>The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.</p></li><li>Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.</li></ul>

Marvell had a pretty solid result and guided to sequentially better revenue.The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.

United States

Astera Labs, Inc. provides semiconductor-based connectivity solutions. The Company develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure. Astera Labs serves customers in the United States, Canada, China, Taiwan, and Israel.

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Astera Labs (ALAB US)

Astera Labs IPO Preview

Astera Labs (ALAB US) is scheduled to debut its IPO on 20 March. The company is offering 17.8 million shares at a price of $27 to $30 per share.

Douglas Kim

Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside

Astera Labs, a high-growth semiconductor company, set terms of its initial public offering. I think investors should pass on this IPO given a...

Andrei Zakharov

Astera Labs IPO Preview and Valuation Analysis: Will Pricey IPO Frighten The Investors Off?

California-based Astera Labs has filed for an IPO and plans to raise up to $500M. The fabless semiconductor unicorn may be valued at more than $3B,...

Andrei Zakharov

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Marvell Earnings

Results look fine, the market is not digging it. I think a closer look makes sense. The market didn’t like this, but I thought, looking through the...

Fabricated Knowledge

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