Malta chipmaker GlobalFoundries prices IPO on upper end, valued at $26 billion



by SOURAV D

Malta chipmaker GlobalFoundries prices IPO on upper end, valued at $26 billion

On Wednesday, GlobalFoundries Inc., the Malta, New York-headquartered multinational manufacturer and designer of semiconductors, had priced its shares at $47 apiece on a US IPO (Initial Public Offerings) which had been at the top end of its target range, valuing the semiconductor industry start-up having had over 15,000 employees a whopping $26 billion.

In point of fact, with a market valuation of $26 billion, GlobalFoundries’ IPO had boasted one of the chartbuster openings in US capital market this year, while the Malta-based semiconductor maker had raised an upsum of $2.6 billion at its public market floatation, a press agency report had unveiled citing unnamed sources given the scale of sensitivity of the subject-matter.

Besides, latest upbeat public market floatation of GlobalFoundries that had signalled a sustenance in robust appetite of tech stocks in US capital market, came forth at a time while a number of global entities had been facing off a grievous chip shortage, holding back production lines of key consumer goods ahead of holiday sales, and US IPO market has been hovering at the strongest in more than half a decade.

Nonetheless, a GlobalFoundries spokesperson was quoted saying that the chipmaker had been cooling its heels following a robust IPO and details of the proceedings could be released after having been finalized.

GlobalFoundries valued at over $26 billion in US public market floatation

More importantly, a press agency report had quoted sources familiar with the IPO proceedings as saying that Mubadala Investment Co., the sovereign wealth fund of Abu Dhabi that holds a majority stake in GlobalFoundries, had sold off 22 million shares in the Initial Public Offerings.

On top of that, investment funds associated with a swathe of blue-whale asset management entities ranging from BlackRock Inc to Fidelity Management & Research Company alongside Columbia Management Investment Advisers LLC to Qualcomm Inc, had purchased GlobalFoundries shares worth over $1 billion in the proceeding.