Global Foundries and Mubadala raise $2.6 billion in IPO

GlobalFounders and the major shareholder, Mubadala Investment Company, raised nearly $2.6 billion in an initial public offering.

GlobalFoundries' market value of $47 per share, based on outstanding shares listed with the US Securities and Exchange Commission, is more than $25 billion.

This is the third largest IPO on the US stock exchange this year, outpaced by the $4.55 billion IPO of South Korean e-commerce company Kupang and the one that ignited The controversy between China and America, for Didi Global, a ride-hailing company, worth $4.44 billion, according to data compiled by Bloomberg and seen by Al Arabiya.net.

Global Foundries sold 33 million shares, while Mubadala sold 22 million shares, and Mubadala will control more than 89% of the company's shares after the initial public offering.< /p>

As lead investors, funds managed by BlackRock, Columbia Management and Fidelity Management have also indicated interest in buying a total of $1.05 billion of shares in the offering. Silver Lake has separately agreed to purchase $75 million worth of shares in the private placement.

GlobalFoundries was created by purchasing the manufacturing operations of Advanced Micro Devices, widely known as AMD, which makes processors of the same name, in 2009, then It was later merged with Singapore's Chartered Semiconductor.

Lack of chips

GlobalFoundries is attracting public market investors as interest in the semiconductor industry is at an all-time high, and shortages caused by increased demand for electronics during the pandemic shutdowns caused by the coronavirus and insufficient supply are making chip factories more valuable to the economy.

According to its business results, GlobalFoundries incurred a net loss during the first half of the year, amounting to $301 million despite its revenue of $3 billion, compared to a loss of $534 million. $2.7 billion in revenue a year ago.

GlobalFoundries manufactures semiconductors for major technology companies such as Apple, Amazon and Samsung.

The IPO is led by Morgan Stanley, Bank of America, JPMorgan, Citigroup and Credit Suisse. The company's shares are expected to begin trading on the Nasdaq Stock Exchange today, Thursday.