Contract chip maker GlobalFoundries, owned by UAE-based Mubadala Investment, is planning a public offering (IPO) in the United States. The company is tentatively valued at $ 25 billion.
In its filing Tuesday, Global Foundries set a price range of $ 42 to $ 47 per share. At the top of the range, the company is expected to raise about $ 2.6 billion. The fact that GlobalFoundries plans to go public in New York first became known back in August. At the same time it was reported that the company could be valued at $ 25 billion.
Now it is reported that with a stock option that allows companies to sell additional shares during an IPO, GlobalFoundries could be valued at around $ 26 billion. Funds associated with BlackRock, Fidelity Management & Research Company, Koch Strategic Platforms, Columbia Management Investment Advisers and Qualcomm have pledged to invest approximately $ 1.05 billion in GM in a closed-end share purchase (parallel private placement). After the placement, Mubadala will retain control of 89.4% of GlobalFoundries' shares and will have the same percentage of votes on the board of directors.
In its latest report, GlobalFoundries forecast third-quarter revenues of about $ 1.7 billion, higher than previous expectations and 56% higher than a year earlier. It's worth noting that GlobalFoundries' revenues have been declining since 2018, but the company's growth has rebounded over the past 12 months as global demand for chips surged.
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