Semiconductor Maker GlobalFoundries Prices US$2.6 Billion IPO

Semiconductor manufacturer GlobalFoundries (Nasdaq: GFS) started publicly trading on the Nasdaq Global Select Market today. The firm’s initial public offering is looking to raise US$2.6 billion.

The offering will be conducted through the issuance of 55.0 million common shares selling at US$47.00 per share. Out of this, around 30.25 million shares will be sold by the company while the remaining 24.75 million shares will be offered by the company’s existing stockholder, Mubadala Investment Company.

The company granted the underwriters a 30-day over-allotment option to purchase additional 8.25 million common shares at the same IPO price. Morgan Stanley, BofA Securities, J.P. Morgan, Citigroup, and Credit Suisse are all acting as bookrunners for the said offering.

The offering is expected to close on November 1, 2021, subject to customary closing conditions.

Based on its filing, the pricing values the company at roughly US$25.1 billion.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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