Intel Corp. is seeking to increase the amount it's raising in a share sale to about $20 billion, according to people familiar with the matter, a third more than it was targeting when it announced the deal Monday morning.
The chipmaker is poised to price the offering at around $95 per share or above, the people said, asking not to be identified as the information isn't public. At that level, the pricing would represent a discount of 6.5% to Friday's closing price, according to Bloomberg calculations.
The offering could increase to well over $20 billion if a so-called over-allotment option is exercised, one of the people said. The share sale has drawn more than $100 billion in demand, they said.
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Deliberations are ongoing and details including the size and pricing could still change, the people said. A spokesperson for Intel declined to comment.
JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley and Citigroup Inc. are working on the offering, according to a statement earlier. The deal is multiple times oversubscribed, Bloomberg News reported.
Intel's shares were little changed in after-hours trading after falling 4.1% on Monday during normal market hours. They remain up roughly 164% this year, after Chief Executive Officer Lip-Bu Tan made cleaning up Intel's finances a priority. The effort has included attracting outside investments from the US government and even chip rivals such as Nvidia Corp.
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The year's biggest US equity offerings have been dominated by companies riding the boom in artificial intelligence spending. Alphabet Inc. is in the process of raising as much as $85 billion through equity offerings, including so-called at-the-market share sales and equity-linked deals. And Oracle Corp.'s fundraising plans include a $20 billion at-the-market share sale program.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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