GlobalFoundries Inc. filed for an initial public offering, looking to benefit from investors pouring money into semiconductor makers during a pandemic-induced chip shortage.
In a filing Monday, the company listed the size of its offering as $1 billion -- a placeholder that will change when terms of the share sale are set. GlobalFoundries, owned by an investment arm of the Abu Dhabi government, also disclosed financial details of its business, including a 2020 net loss of $1.35 billion and revenue of $4.85 billion.
GlobalFoundries was created by purchasing the manufacturing operations of Advanced Micro Devices Inc. in 2009 and later combining it with Singapore’s Chartered Semiconductor. The Abu Dhabi fund, called Mubadala Investment Co., was planning for the business to be valued in a listing at around $30 billion, Bloomberg News reported in July.
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