Semiconductor manufacturer GlobalFoundries has quietly filed for a US IPO, the Economic Times of India reported. The IPO could value the company at about USD 25 billion, according to sources familiar with the matter. Reports last month said Intel was in talks to buy the company, owned by Abu Dhabi sovereign wealth fund Mubadala Investment Co, for USD 30 billion.
GlobalFoundries is working with Morgan Stanley, Bank of America, JPMorgan Chase & Co, Citigroup and Credit Suisse Group on preparations for IPO. The company should reveal the filing in October and go public either by the end of this year or early next year, depending on how quickly its application is processed by the US Securities and Exchange Commission (SEC), the sources said. They added that the plans were subject to market conditions and could still change.
Mubadala, GlobalFoundries and Intel declined to comment on the report. The banks, the SEC, Advanced Micro Devices and the White House did not immediately respond to requests for comment.
GlobalFoundries CEO Tom Caulfield told Reuters in July that the company was thinking of going public in 2022. The chipmaker is looking to boost output to address the global chip shortage, with plans to build a second factory near its Malta, New York. The company announced in June that it would deploy a semiconductor manufacturing facility at its Singapore campus.
