Intel raises $20 billion from upsized share sale
Intel raised $20 billion from an upsized share offering on Tuesday, as it looks to fund the costly build-out of its chip contract manufacturing business by cashing in on a stock surge fueled by its turnaround efforts.
Once a dominant force in the global chip industry, Intel is investing heavily in new facilities and advanced packaging capabilities as it seeks to challenge industry leaders such as TSMC in contract chip manufacturing.
Intel priced the offering at $95 per share, which was a discount of 2.6% from the previous close. The chipmaker said on Monday it aimed to raise $15 billion through the share sale.
