Thursday, October 21, 2021
GlobalFoundries has filed with the US SEC to IPO on the Nasdaq.
GloFo is to sell 33 million shares and major shareholder Mubadala is to sell 22 million shares for between $42 and $47 a share in an attempt to raise $2.6 billion.
If $47 is achieved that would put a value on GloFo of $25 billion.
GloFo has debt of $2.2 billion and is loss-making.
The company lost $1.35 billion in 2020, and $1.37 billion in 2019.
Revenues dropped nearly 17% to about $4.9 billion in 2020, partly because of an accounting change and partly because GlobalFoundries sold a business in 2019, generating $291 million of revenue that year.
Funds managed by BlackRock, Columbia Management Investment Advisers, Fidelity Management, and Qualcomm have shown interest in buying $1 billion worth of shares.
Silver Lake has agreed to purchase $75 million of stocks in a concurrent private placement priced at the IPO price.
The offer is being led by Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup and Credit Suisse.
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