- GlobalFoundries is expected to reveal its IPO filing in October and go public by the end of the year or early next year, depending on how quickly its application is processed by the U.S. Securities and Exchange Commission
- The sources, who requested anonymity because the deliberations are confidential, cautioned that the chipmaker’s plans were subject to market conditions and that the timing could change
As per a report by Reuters, GlobalFoundries Inc has filed confidentially with U.S regulators for an initial public offering (IPO) in New York that could value the chipmaker at around $25 billion, people familiar with the matter said. GlobalFoundries is working with Morgan Stanley, Bank of America Corp, JPMorgan Chase & Co, Citigroup Inc and Credit Suisse Group AG on the IPO preparations, the sources said.
The report added that GlobalFoundries is expected to reveal its IPO filing in October and go public by the end of the year or early next year, depending on how quickly its application is processed by the U.S. Securities and Exchange Commission (SEC), the sources said. The sources, who requested anonymity because the deliberations are confidential, cautioned that the chipmaker’s plans were subject to market conditions and that the timing could change.
As per the report, Intel has yet to make a formal offer for GlobalFoundries and may not do so, according to the sources. GlobalFoundries is concerned that such a combination would upset some of its key customers that compete with Intel, such as Advanced Micro Devices Inc, the sources said.
GlobalFoundries manufactures radio-frequency communications chips for 5G, automotive, and other specialized semiconductors, and has emerged as a major resource for companies such as Intel and Advanced Micro Devices that have outsourced parts of their chip production. It was created when Advanced Micro Devices spun off its manufacturing facilities in 2009 and Mubadala later merged it with Singapore’s Chartered Semiconductor Manufacturing Ltd.
