Chipmaker GlobalFoundries Inc. sold shares of its initial public offering on Wednesday at $47 a piece, at the high end of its target price range, to raise about $2.6 billion, people familiar with the matter said.
The IPO gives GlobalFoundries a valuation of approximately $26 billion, making it one of the largest stock market floatations of the year in the United States.
Abu Dhabi sovereign wealth fund Mubadala Investment Company, which has a majority stake in GlobalFoundries, sold 22 million shares in an IPO.
Funds involving BlackRock Inc., Fidelity Management and Research Company LLC, some affiliates of Koch Strategic Platforms LLC, Columbia Management Investment Advisors LLC and Qualcomm Inc., all invested more than $1 billion in the IPO.
A spokesperson for GlobalFoundries said the company is waiting to finalize details and declined to comment on the pricing of the IPO.
(Additional reporting by Niket Nishant in Bengaluru; Editing by Chris Reese)
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