By Luisa Beltran
Chip maker GlobalFoundries priced its much anticipated initial public offering at $47 a share, according to a person familiar with the situation.
GlobalFoundries had filed to sell 55 million shares at $42 to $47. At $47 a share, GlobalFoundries valuation is $25 billion and the company likely raised $2.6 billion. The company, based in Malta, New York, will trade Thursday under the Nasdaq ticker GFS. Its prospectus lists 16 investment banks that worked on the offering; Morgan Stanley, BofA Securities, and JPMorgan are lead underwriters.
GlobalFoundries, owned by Abu Dhabi's sovereign-wealth fund, is one of the most sought after IPOs of the year. Rent the Runway (ticker: RENT), the fashion rental retailer, had a strong debut on Wednesday, but shares slumped 8.1% at the end of the trading day.
GlobalFoundries makes integrated circuits that power electronic devices like cars, mobile phones, and personal computers. The company was formed in 2009 when Advanced Micro Devices (AMD) spun off its manufacturing operations.
Write to Luisa Beltran at luisa.beltran@dowjones.com