Chipmaker GlobalFoundries Inc. and major shareholder Mubadala Investment Co. plan to raise as much as US$2.6 billion ($3.5 billion) in a US initial public offering.

The company is marketing 33 million shares while Abu Dhabi’s Mubadala plans to sell 22 million shares, according to a filing with the US Securities and Exchange Commission on Tuesday. The shares are being offered at US$42 to US$47 each, the filing showed. At the top of that range, GlobalFoundries would have a market value of US$25 billion based on the outstanding shares listed in its filing. 

Funds managed by BlackRock Inc, Columbia Management Investment Advisers, Fidelity Management, an affiliate of Koch Industries Inc and Qualcomm Inc have indicated interest to buy a combined about US$1.05 billion of the shares in the offering as cornerstone investors, the filing showed. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook