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GlobalFoundries targets valuation of nearly $25 bln in U.S. IPO

Christian Fernsby |
Chipmaker GlobalFoundries, owned by Mubadala Investment, is aiming for a valuation of around $25 billion in its initial public offering in the United States.

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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 aiming to raise about $2.6 billion.

Alongside electric vehicle maker Rivian's stock market debut, GlobalFoundries is expected to headline an unusually crowded year end IPO schedule.

In its latest filing, GlobalFoundries also reported a 56% surge in third-quarter revenue, fueled by worldwide demand for chips.

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