GlobalFoundries Inc. /zigman2/quotes/230483311/composite GFS -3.08% has set terms for its initial public offering, as the New York-based silicon wafer foundry looks to raise up to $1.55 billion. The company said it is offering 33.0 million shares and shareholder Mubadala Investment Co. PJSC is offering 22.0 million shares in the IPO, which is expected to price between $42 and $47 a share. After the IPO, Mubadala will beneficially own 89.4% of the shares outstanding. With 534.69 million shares expected to be outstanding after the IPO, the pricing would value the company at up to $25.13 billion. The stock is expected to list on the Nasdaq under the ticker symbol "GFS." Morgan Stanley, BofA Securities and J.P. Morgan are the lead underwriters. The company is looking to go public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +2.03% has rallied 11.3% over the past three months, while the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -0.61% has gained 6.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.31% has advanced 5.4%.