Mubadala-backed GlobalFoundries is aiming for a valuation of nearly $ 25 billion in the US IPO

Oct 19 (Reuters) – Chipmaker GlobalFoundries, owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, is targeting a valuation of around $ 25 billion when it goes public in the United States.

In a filing on the stock exchanges on Tuesday, GlobalFoundries set a price range of between $ 42 and $ 47 per share for its initial public offering. At the upper end of the range, the company plans to raise around $ 2.6 billion.

Reuters first reported in August that GlobalFoundries had filed for an IPO in New York that could value the company at around $ 25 billion. Continue reading

The IPO, one of the hottest-anticipated public debuts, is expected to round out a record year for IPOs after benefiting from several other big names including Robinhood Markets Inc (HOOD.O), Coinbase Global Inc (COIN.O) and Roblox Corp (RBLX.N) From the c -ital market boom in early 2021.

In addition to electric vehicle maker Rivian’s IPO debut, GlobalFoundries is expected to lead an unusually busy year-end IPO schedule.

In its most recent filing, GlobalFoundries also reported a 56% increase in sales in the third quarter, driven by global demand for chips.

A global shortage of semiconductor chips has forced the world’s largest chipmakers to ramp up global production following the COVID-19 pandemic that caused production delays.

In September, Pat Gelsinger, Intel’s Chief Executive Officer (INTC.O), said the US company plans to invest up to $ 95 billion in Europe over the next decade.

Reporting by Anirban Sen in Bengaluru; Editing by Shinjini Ganguli

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