GlobalFoundries Commands $25B Valuation For US IPO

Mubadala Investment-backed GlobalFoundries GFS chipmaker has set a price range of $42 - $47 a share, implying a valuation of ~$25 billion in its U.S. initial public offering.
GlobalFoundries can raise maximum offering proceeds of ~$2.6 billion, according to a Reuters report.
GlobalFoundries aims to list on the Nasdaq under the symbol "GFS."
Mubadala, which is selling 22 million shares in the IPO, will retain an 89.4% stake in GlobalFoundries and control 89.4% of the voting power following the listing and the private placement.
GlobalFoundries sees Q3 revenue at $1.7 billion, at the higher end of expectations, implying a 56% jump year-on-year.
GlobalFoundries' revenue declined since 2018, but the growth rebounded over the past 12 months over surging demand for chips.
Mubadala acquired Advanced Micro Devices Inc's AMD manufacturing facilities in 2009 and later merged it with Singapore's Chartered Semiconductor Manufacturing Ltd to form GlobalFoundries.
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