GlobalFoundries prepping $30 billion IPO

Posted on Friday, May 28 2021 @ 11:43 CEST by Thomas De Maesschalck
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Chip shortages have dominated the tech news cycle for months. The owners of GlobalFoundries seem keen on taking advantage of the current market situation to move forward with a public offering. Bloomberg reports the foundry has tapped Morgan Stanley to piece together an initial public offering. GlobalFoundries is reportedly looking for a $30 billion valuation.

Rumors about an IPO for GlobalFoundries have been circulating for quite some time. Bloomberg reports a final decision has yet to be made, and the company's plans could still change.
GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. Mubadala had started preparations for a U.S. IPO of the company and is in discussions with potential advisers, Bloomberg News reported in April.

A representative for GlobalFoundries declined to comment. Mubadala didn’t respond to a request to its general inquiry email outside regular business hours while a representative for Morgan Stanley didn’t immediately have a comment.
GlobalFoundries was founded in 2009, when Abu Dhabi state fund Mubadala bought the manufacturing facilities from AMD, and combined them with Chartered Semiconductor Manufacturing. Initially, it was a joint-venture but AMD's dire financial position left it with no other choice than to become a fabless chip designer.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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