By Echo Wang
May 13 (Reuters) – Cerebras Systems priced its U.S. initial public offering at $185 per share on Wednesday, above the top end of its indicated price range, people familiar with the matter said.
The IPO raised $5.55 billion for Cerebras, based on 30 million shares sold. It implies a valuation on Cerebras on a fully diluted basis of $56.43 billion, making it the largest stock market debut so far this year.
The company previously upsized the highly anticipated IPO, increasing the price and number of shares available after investors placed orders for more than 20 times the number of shares available, Reuters reported. Â
The company marketed the offering at between $150 and $160 per share, up from an earlier range of $115 to $125 per share. It also increased the number of shares on offer to 30 million from 28 million.
The sources requested anonymity ahead of an official announcement. Cerebras did not immediately respond to a request for comment.
CNBC was first to report on the pricing.Â
(Reporting by Echo Wang in New YorkEditing by Matthew Lewis)
