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GlobalFoundries Sets IPO Share Price at $47

GlobalFoundries will sell 55 million ordinary shares at a price of $47 apiece through an initial public offering.

The New York-based semiconductor company said Wednesday it will list the shares on the Nasdaq Global Select Market under the ticker symbol “GFS” and expects the IPO to kick off Thursday, Oct. 28, and run through Monday, Nov. 1.

GlobalFoundries is selling 30,250,000 shares through the IPO. Mubadala Investment Company PJSC, the Abu Dhabi government’s investment unit, is offering 24,750,000 shares.

The offering includes a 30-day option for underwriters to buy up to 8,250,000 additional shares.

Morgan Stanley (NYSE: MS), BofA Securities, J.P. Morgan (NYSE: JPM), Citigroup (NYSE: C) and Credit Suisse (NYSE: CS) are serving as active bookrunning managers for the IPO. Deutsche Bank Securities, HSBC (NYSE: HSBC) and Jefferies are acting as additional bookrunning managers for the offering.

Baird, Cowen, Needham & Co., Wedbush Securities, Raymond James, Drexel Hamilton, IMI-Intesa Sanpaolo and Siebert Williams Shank are serving as co-managers for the IPO.

In August, GlobalFoundries confidentially filed with the Securities and Exchange Commission for an IPO that could give the chipmaker a valuation of approximately $25 billion.

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