Shares of AI chip company Cerebras Systems began trading on the Nasdaq Global Select Market on May 14 under the ticker CBRS.
The previous day, Cerebras priced its initial public offering (IPO) of 30 million shares at $185 per share alongside 4.5 million stock options for its underwriters. The company raised about $5.55 billion, the biggest IPO of the year so far.
The stock opened the trading day on Thursday at $350 and reached an intraday high of $385 before closing the day at $311.07, which represented a more than 68 percent jump from its IPO price despite multiple price raises ahead of the offering.
Over 32 million shares of Cerebras were traded on its opening day, and the closing price valued the company at nearly $107 billion on a fully diluted basis….