GlobalFoundries seeks $25 bln valuation in U.S. IPO as chip ...

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N) took advantage of a boom in capital markets earlier this year. Alongside electric-vehicle maker Rivian's stock market debut, GlobalFoundries ... AWallSt.streetsignisseenneartheNewYorkStockExchange(NYSE)inNewYorkCity,U.S.REUTERS/BrendanMcDermidRegisternowforFREEunlimitedaccesstoReuters.comRegisterOct19(Reuters)-ChipmakerGlobalFoundries,ownedbyAbuDhabi'ssovereignwealthfundMubadalaInvestmentCo,isaimingforavaluationofabout$25billioninitsinitialpublicofferingintheUnitedStates.TheIPO,oneofthemosthotlyanticipatedlistingsthisyear,isexpectedtocaparecordyearforflotations,afterseveralbignamessuchasRobinhoodMarketsInc(HOOD.O),CoinbaseGlobalInc(COIN.O)andRobloxCorp(RBLX.N)tookadvantageofaboomincapitalmarketsearlierthisyear.Alongsideelectric-vehiclemakerRivian'sstockmarketdebut,GlobalFoundriesisexpectedtoheadlineanunusuallycrowdedyear-endIPOschedule.RegisternowforFREEunlimitedaccesstoReuters.comRegisterIPOsintheUnitedStateshavealreadyraisedanall-timerecordofover$250billionthisyear,accordingtodatafromDealogic.InafilingtostockexchangesonTuesday,GlobalFoundriessetapricerangebetween$42and$47asharefortheIPO.Attheupperendoftherange,thecompanyisexpectedtoraiseabout$2.6billion.ReuterswasfirsttoreportinAugustthatGlobalFoundrieshadfiledforanIPOinNewYorkthatcouldvaluethecompanyataround$25billion.readmoreIncludingthe"greenshoeoption",whichallowscompaniestoselladditionalsharesduringanIPO,GlobalFoundriescouldbevaluedatabout$26billion.FundsassociatedwithBlackRockInc,FidelityManagement&ResearchCompanyLLC,someaffiliatesofKochStrategicPlatformsLLC,ColumbiaManagementInvestmentAdvisersLLCandQualcommInchavecommittedtoinvestabout$1.05billionintheIPO.FundsassociatedwithSilverLakeTechnologyManagementLLChavealsocommittedtoseparatelyinvest$75millionaspartofaso-calledconcurrentprivateplacement.Mubadala,whichisselling22millionsharesintheIPO,willholdan89.4%stakeinGlobalFoundriesandcontrol89.4%ofthevotingpower,followingthelistingandtheprivateplacement,accordingtothelatestfiling.SKYROCKETINGCHIPDEMANDInitslatestfiling,GlobalFoundriessaiditestimatedthird-quarterrevenuetocomeinataround$1.7billion,atthehigherendofexpectations,representinga56%jumpfromayearearlier.GlobalFoundries'revenuehadbeenindeclinesince2018,butoverthepast12monthsthecompany'sgrowthreboundedasworldwidedemandforchipssky-rocketed.ThechipmakerhasbeenconsolidatingitsproductlinesandannouncedplanstoexpandintheUnitedStatesandSingaporewithnewfactories.ItplanstobuildasecondfactorynearitsMalta,NewYork,headquarters,andspend$1billiontoboostoutput.Ashortageofsemiconductorchipsgloballyhasforcedtheworld'sbiggestchipmakerstorampupworldwideproductionintheaftermathoftheCOVID-19pandemicthatcausedmanufacturingdelays.GlobalFoundrieswascreatedwhenMubadalaboughtAdvancedMicroDevicesInc's(AMD.O)manufacturingfacilitiesin2009,andlatermergeditwithSingapore'sCharteredSemiconductorManufacturingLtd.Thecompany,whichmakesradio-frequencycommunicationschipsfor5G,automotiveandotherspecializedsemiconductors,countsAdvancedMicroDevicesandBroadcomInc(AVGO.O)amongitscustomers.GlobalFoundriesplanstolistontheNasdaqunderthesymbol"GFS".MorganStanley,BofASecurities,J.P.Morgan,CitigroupandCreditSuissearetheleadunderwritersfortheIPO.RegisternowforFREEunlimitedaccesstoReuters.comRegisterReportingbyAnirbanSeninBengaluru;additionalreportingbyNiketNishant;EditingbyShinjiniGanguliandSaumyadebChakrabartyOurStandards:TheThomsonReutersTrustPrinciples.MorefromReutersSignupforournewsletterSubscribeforourdailycuratednewslettertoreceivethelatestexclusiveReuterscoveragedeliveredtoyourinbox.Signup

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