GlobalFoundries files for an IPO

Posted on Monday, Oct 04 2021 @ 21:51 CEST by Thomas De Maesschalck
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Another rumor becomes reality as GlobalFoundries is filing for an initial public offering (IPO). The foundry aims to get listed on the Nasdaq exchange under the symbol GFS. Seeking Alpha writes GlobalFoundries could receive a valuation of around $25 billion.

Despite the massive demand for semiconductor foundry capacity, GlobalFoundries did not manage to turn a profit in the first half of this year. In fact, the company posted a net loss of $301.2 million in the first half of this year. Revenue increased 13 percent year-over-year, to $3.04 billion for the six months ended June 30.
For the six months ended June 30, the company reports net revenues of $3.038 billion (up 12.6% year-over-year), and a net loss that narrowed to $301.2 million from $533.6 million in the same period in 2020. It has $805 million in cash.
A preliminary figure listed in the IPO hints GlobalFoundries aims to raise $1 billion via its IPO.

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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