March 21, 2023

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GlobalFoundaries aims for $ 25 billion from listing

GlobalFoundaries aims for $ 25 billion from listing

Abu Dhabi (Reuters) – Target Global Foundries Chip Industry Co.Owned by Mubadala Investment Company, its initial public offering in the United States was estimated at about $ 25 billion.
In a revelation to the stock market on Tuesday, Global Foundries set a price range of $ 42 to $ 47 per share to list on the stock exchange. The maximum limit indicates that the company aims to raise about $ 2.6 billion.
In August, Reuters announced that it had applied for an initial public offering in New York, valued at about $ 25 billion.
This IPO, one of the most anticipated, is expected to reach the record year of IPOs, with many big names such as Robinhood Markets, Coin Base Global and Roblox Corp benefiting from the previous capital market boom from 2021.
With the introduction of electric car maker Rivian’s stake, Global Foundries is expected to top the list of unusually crowded IPOs later this year.
In its latest revelations, Global Foundries reported a 56 percent increase in third-quarter revenue, driven by global demand for chips.
The shortage of global semiconductor chips has forced the world’s largest chip makers to increase production worldwide as a result of the late production activities of the Covid-19 epidemic.
In September, Intel CEO Pat Gelsinger said the US company plans to invest up to $ 95 billion in Europe over the next 10 years.

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