GlobalFoundries prepares IPO

Chip manufacturer GlobalFoundries has filed the documents with the US Securities and Exchange Commission for an IPO in the United States. Owner Mubadala continues to retain a controlling share.

GlobalFoundries reports that it has not yet determined the price and the amount of shares it will offer. The United Arab Emirates investment firm that owns all of GlobalFoundries’ shares, Mubadala, is listing shares on the Nasdaq exchange but retains a controlling share after the initial public offering, the prospectus shows.

GlobalFoundries emerged in 2008 from AMD’s chip manufacturing division. The company benefited from the recent chip shortages but still suffered a loss of $1.35 billion last year. The company is investing $1.4 billion this year in its US chip facilities to expand capacity. Unlike Samsung, Intel and TSMC, the manufacturer does not focus on the smallest production processes for 7nm chip structures and smaller.

In the summer of this year, a rumor appeared that Intel wanted to acquire GlobalFoundries, but no formal offer was made.