GlobalFoundries confidentially filed with the Securities and Exchange Commission for its planned initial public offering that could give the New York-based semiconductor company a valuation of approximately $25 billion, Reuters reported Wednesday.
Reuters cited sources that say GlobalFoundries is expected to disclose its IPO filing in October and could go public by the end of 2021 or early 2022 depending on how fast SEC processes its application.
People familiar with the matter said the chipmaker is working on the planned IPO with Morgan Stanley (NYSE: MS), JPMorgan Chase & Co. (NYSE: JPM), Bank of America (NYSE: BAC), Credit Suisse Group (NYSE: CS) and Citigroup (NYSE: C).
GlobalFoundries was established after Advanced Micro Devices (Nasdaq: AMD) decided to spin off its chip manufacturing operations. The chip manufacturer is now owned by Mubadala Investment, the Abu Dhabi government’s investment unit.
In July, GlobalFoundries announced plans to build a new manufacturing facility in New York to help address the current chip shortage.
Reports also emerged in the same month that Intel (Nasdaq: INTC) was in discussions to acquire GlobalFoundries.