Chipmaker GlobalFoundries prices IPO at upper end to raise $2.6 bln

Chipmaker GlobalFoundries Inc said on Wednesday it sold shares in its initial public offering (IPO) at $47 a piece, at the higher end of its targeted price range, to raise about $2.6 billion.

The IPO gives GlobalFoundries a valuation of about $26 billion, making it one of the biggest stock market flotations of the year in the United States.

Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, which holds a majority stake in GlobalFoundries, sold 22 million shares in the IPO.