Wall Street is bracing for a wave of tech listings after investors piled into the initial public offering of semiconductor group Cerebras Systems, reinforcing bankers’ expectations that fundraisings could hit record highs this year.
The AI chip designer pulled off the largest semiconductor IPO in history this month, raising $6.4bn including the overallotment option, after bankers repeatedly raised the price and size of the offering.
Cerebras’ shares ended their first day of trading up 68 per cent, valuing the start-up at about $70bn, on par with 117-year-old General Motors.
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