BENGALURU: Chipmaker GlobalFoundries, owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co., is aiming for a valuation of about $25 billion in its initial public offering in the US.
The IPO, one of the most hotly anticipated listings, is expected to cap a record year for flotations, after several big names such as Robinhood Markets Inc., Coinbase Global Inc. and Roblox Corp. capitalized on the stock markets boom earlier in 2021.
Alongside electric-vehicle maker Rivian’s stock market debut, GlobalFoundries is expected to headline an unusually crowded year-end IPO schedule.
IPOs in the US have already touched an all-time record of over $250 billion this year, according to data from Dealogic.
In a filing to stock exchanges on Tuesday, GlobalFoundries set a price range between $42 and $47 a share for its stock market flotation. At the upper end of the range, the company is expected to raise about $2.6 billion.
Including the “greenshoe option,” which allows companies to sell additional shares during an IPO, GlobalFoundries could be valued at about $26 billion.
Mubadala, which is selling 22 million shares in the IPO, will hold an 89.4 percent stake in GlobalFoundries and control 89.4 percent of the voting power, following the listing and the private placement, according to the latest filing.