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Intel raises about $23 billion in upsized share offering
The company said the proceeds will fund general corporate purposes, including capital expenditures and working capital, supporting its Intel Foundry and data center CPU demand push.
Intel has upsized its planned equity raise as investor demand strengthened, increasing the size of its new share offering to about $23 billion after initially targeting around $15 billion, according to Yahoo Finance.
The financing includes the 30-day option given to underwriters to buy additional shares. Intel said it intends to use the funds for general corporate purposes, including capital expenditures and working capital, as CEO Lip-Bu Tan focuses on regaining competitive momentum.
A key part of the effort is Intel Foundry, with the company investing in new manufacturing facilities to expand foundry operations and support more chip production in the United States.
Yahoo Finance also notes that expanding data center build-outs are driving demand for CPUs, giving Intel another reason to step up investment, while GF Securities said the raise could signal progress in foundry and potentially broaden Intel’s customer base.