GlobalFoundries Files For US IPO

GlobalFoundries Inc GFS filed for its U.S. initial public offering aiming for a Nasdaq listing. Mubadala, a United Arab Emirates state investment fund, owns the foundry wholly.
GlobalFoundries is yet to disclose the amount of money it plans to raise or how much Mubadala will control after the IPO.
GlobalFoundries operates five manufacturing sites: Dresden, Germany; Singapore; Malta, New York; Burlington, Vermont; and East Fishkill, New York.
GlobalFoundries manufactures chips for use in contactless payments, battery power management touch display drivers.
Qualcomm Inc QCOM, Broadcom Inc AVGO, Samsung Electronics Co Ltd SSNLF, and Advanced Micro Devices Inc AMD are among its largest customers.
The pandemic triggered remote work, study, and home entertainment, led to higher demand for electronic gadgets, laptops, monitors, and game consoles, fueling a chip crisis.
GlobalFoundries' revenue climbed by 13% year-on-year to just over $3 billion in the first half of 2021. It reported a gross margin of close to 11%. The net loss narrowed to $(301) million.
Price Action: QCOM shares closed lower by 1.58% at $126.68 on Monday.