(Bloomberg) -- A unit of Mubadala Investment Co. is seeking to raise $950 million in a sale of GlobalFoundries Inc. shares, two years after the chipmaker went public.

The Abu Dhabi investment fund’s subsidiary is offering to sell shares for $50.75 to $52.50 each, according to terms of the deal seen by Bloomberg News. The company intends to buy back $200 million of the shares at the offering price, an earlier statement shows.

The price range represents a discount of 4.9% to 8% to the $55.21 per share closing price on Wednesday of GlobalFoundries’ shares, according to Bloomberg calculations. 

GlobalFoundries’ shares have fallen 8.9% so far this year, valuing the company at about $30.5 billion. Mubadala is GlobalFoundries’ largest shareholder with an 85% stake before this sale, according to data compiled by Bloomberg.

Representatives for Mubadala and GlobalFoundries didn’t immediately respond to requests for comment.

The offering consists entirely of secondary shares to be sold by the selling stockholder and it won’t receive any proceeds, the statement shows. GlobalFoundries intends to fund the share purchase with cash from its balance sheet.

GlobalFoundries and Mubadala raised about $2.9 billion in the company’s IPO in 2021, including an overallotment option.

Morgan Stanley and Bank of America Corp. are underwriters of the offering, according to the press release.

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