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Chipmaker GlobalFoundries prices IPO at upper end to raise $2.6 billion -sources

Anirban Sen and Krystal Hu and Echo Wang
Updated ·1-min read

By Anirban Sen, Krystal Hu and Echo Wang

Oct 27 (Reuters) - Chipmaker GlobalFoundries Inc on Wednesday sold shares in its initial public offering at $47 a piece, at the higher end of its targeted price range, to raise about $2.6 billion, people familiar with the matter said.

The IPO gives GlobalFoundries a valuation of about $26 billion, making it one of the biggest stock market floatations of the year in the United States.

Abu Dhabi's sovereign wealth fund Mubadala Investment Co, which holds a majority stake in GlobalFoundries, sold 22 million shares in the IPO.

Funds associated with BlackRock Inc, Fidelity Management & Research Company LLC, some affiliates of Koch Strategic Platforms LLC, Columbia Management Investment Advisers LLC and Qualcomm Inc invested over $1 billion in the IPO.

A spokesperson for GlobalFoundries said the company is waiting to finalize the details and declined to comment on the IPO price. (Additional reporting by Niket Nishant in Bengaluru; Editing by Chris Reese)