Monday, May 27, 2024

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.

See also  The dollar index touches 100 points
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Cost-effective drilling: how to reduce operational expenses by smart equipment choices

Drilling costs affect the profitability and sustainability of oil...

Navigating the World of Cryptocurrencies: How to Choose the Best Crypto Wallet

In the digital age where cryptocurrencies are rapidly gaining...

Unlock the easiest way to get EU citizenship of Slovenia and Romania with Union Permits

Due to the nature of their immigration programs, Slovenia...

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...