[Asia Economy Reporter Hyunwoo Lee] GlobalFoundries, known as the world's third-largest foundry (semiconductor contract manufacturing) company, has reportedly filed for a listing on the U.S. Nasdaq market. Owned by the United Arab Emirates (UAE) sovereign investment fund, GlobalFoundries had previously attracted attention following reports that U.S. company Intel was pursuing an acquisition, but the recent IPO filing suggests that the acquisition may have fallen through.
On the 4th (local time), CNBC reported that GlobalFoundries had filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). According to CNBC, Mubadala, the UAE sovereign wealth fund that owns 100% of GlobalFoundries, plans to list GlobalFoundries on the Nasdaq market.
GlobalFoundries stated, "Even after the listing, Mubadala plans to retain a significant stake, which may limit the influence of other shareholders on the outcomes of major transactions," adding, "The semiconductor industry's revenue is expected to double within the next 8 to 10 years, and while the current semiconductor supply imbalance will improve in the medium term, substantial investment will be necessary to meet the increased demand."
However, GlobalFoundries did not disclose the target valuation or the amount of funds to be raised through this IPO, nor the size of Mubadala's ownership stake after the listing. Industry experts have projected that GlobalFoundries could be valued at approximately $25 billion (about 30 trillion KRW) through this IPO.
Earlier in July, there were reports of Intel planning to acquire GlobalFoundries, but CNBC analyzed that this IPO filing indicates a low likelihood of a potential merger with Intel. The Wall Street Journal (WSJ), citing industry sources, also reported, "GlobalFoundries and Mubadala are concerned that a merger with Intel could unsettle major semiconductor customers such as AMD, and there are worries that the Biden administration might conduct a rigorous antitrust investigation."
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