GlobalFoundries seeks $25 billion valuation in U.S. IPO as chip demand soars

FILE PHOTO: A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. REUTERS/Brendan McDermid/File Photo

(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 this year, is expected to cap a record year for flotations, after several big names such as Robinhood Markets Inc, Coinbase Global Inc and Roblox Corp took advantage of a boom in capital markets earlier this year.