By Anirban Sen

(Reuters) –Chipmaker GlobalFoundries is owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co. It aims to achieve a valuation in excess of $25 billion during its first public offering in America.

The IPO is one of the most anticipated listing. It will cap a record-breaking year in flotations. Robinhood Markets Inc (NASDAQ :), Coinbase NASDAQ 🙂 Global Inc and Roblox Corp capitalized on the stock market boom that began earlier in 2021.

GlobalFoundries, an electric-vehicle producer Rivian will make its stock market debut. This is in addition to Rivian’s debut on the stock exchange.

According to Dealogic data, IPOs in America have reached an all-time high of more than $250 billion.

GlobalFoundries announced Tuesday that it has set a range of prices between $42 to $47 per share in a filing to stock markets. This price is for the stock market flotation. The company expects to raise approximately $2.6 billion at the top end of this range.

Reuters reported in August that GlobalFoundries filed an IPO application in New York. This could have a value of around $25 billion.

GlobalFoundries, which includes the greenshoe option that allows companies to buy additional shares in an IPO sale, could be worth approximately $26 billion.

Funds associated with BlackRock Inc (NYSE:), Fidelity Management & Research Company LLC, certain affiliates of Koch Strategic Platforms LLC, Columbia Management Investment Advisers LLC and Qualcomm (NASDAQ:) Inc have committed to invest about $1.05 billion in the IPO, as part of a so-called concurrent private placement.

According to the most recent filing, Mubadala will sell 22 million shares of the IPO and hold an 89.4% share in GlobalFoundries. It also controls 89.4% voting power.

SKYROCKETING CHIP MANAGEMENT

GlobalFoundries stated in its most recent filing that third quarter revenues were expected to be around $1.7billion. That’s a 56% increase over the previous year.

GlobalFoundries had seen a decline in revenue since 2018, however, its growth has rebounded over the past twelve months as the demand for chip products worldwide soared.

It has been consolidating its product ranges and has announced that it will expand into the United States and Singapore by building new factories. The company plans to construct a second factory in New York near the headquarters of its Malta-based chipmaker and to spend $1 billion on increasing production.

In the wake of the COVID-19 outbreak, which caused delays to manufacturing in many parts of the world due to a shortage of semiconductor chip chips worldwide, the major chipmakers have had to boost global production.

Intel (NASDAQ) Chief Executive Officer Pat Gelsinger stated that the U.S. would invest as much as $95 billion over the next ten years in Europe.

GlobalFoundries, which Mubadala purchased Advanced Micro Devices Inc (NASDAQ:) Inc manufacturing facilities in 2009 and then merged them with Singapore’s Chartered Semiconductor Manufacturing Ltd.

Broadcom and Advanced Micro Devices (NASDAQ:) Inc are among the customers of this company that makes radio-frequency communication chips for automotive and 5G.

GlobalFoundries will list on Nasdaq as “GFS”.

Morgan Stanley (NYSE:) BofA Securities J.P. Morgan Citigroup (NYSE: Credit Suisse (SIX: ) Lead underwriters in the IPO