Abu Dhabi’s Mubadala Investment Co. has started preparations for a U.S. initial public offering of chipmaker GlobalFoundries, people with knowledge of the matter said.
The sovereign wealth fund has been having initial discussions with potential advisers about a listing of GlobalFoundries that could value the business at about $20 billion, according to the people. It hasn’t yet selected underwriters, the people said, asking not to be identified because the information is private.
Technology companies have already raised $20 billion in U.S. IPOs this year, according to data compiled by Bloomberg. Deliberations are at an early stage, and details of the potential deal could change, the people said. Representatives for Mubadala and GlobalFoundries declined to comment.
GlobalFoundries Chief Executive Officer Thomas Caulfield, in a Bloomberg Television interview this week, said the company always reviews strategic alternatives, and the timetable for an IPO “has always been sometime in 2022.”
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