Chipmaker GlobalFoundries targets valuation of about $25 bln in U.S. IPO | Reuters

Chipmaker GlobalFoundries targets valuation of about $25 bln in U.S. IPO | Reuters

Chipmaker GlobalFoundries, owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Co, is aiming for a valuation of about $25 billion in its initial public offering in the United States.

The IPO, one of the most hotly anticipated listings, is expected to cap a record year for flotations, after several big names such as Robinhood Markets Inc (HOOD.O), Coinbase Global Inc (COIN.O) and Roblox Corp (RBLX.N) capitalized on the stock markets boom earlier in 2021.

Alongside electric-vehicle maker Rivian's stock market debut, GlobalFoundries is expected to headline an unusually crowded year-end IPO schedule.

IPOs in the United States have already touched an all-time record of over $250 billion this year, according to data from Dealogic.