Chipmaker Intel is seeking to increase the amount it is 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 on Monday morning.

The company, which employs almost 5,000 people in Ireland, is poised to price the offering at around $95 per share or above, sources said, asking not to be identified as the information isn’t public. At that level, the pricing would represent a discount of 6.5 per cent 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 sources said. The share sale has drawn more than $100 billion in demand, they said.

However, deliberations are ongoing and details, including the size and pricing, could still change. A spokesperson for Intel declined to comment.

JPMorgan Chase & Co, Goldman Sachs, Morgan Stanley and Citigroup are working on the offering, according to a statement earlier. The deal is multiple times oversubscribed.

Intel’s shares were little changed in after-hours trading after falling 4.1 per cent on Monday during normal market hours. They remain up roughly 164 per cent this year, after chief executive 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.

The year’s biggest US equity offerings have been dominated by companies riding the boom in artificial intelligence spending. Alphabet 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’s fundraising plans include a $20 billion at-the-market share sale programme. - Bloomberg