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