Benzinga | Oct 5, 2021 08:37AM EDT

GlobalFoundries Files For US IPO

* GlobalFoundries Inc (NASDAQ:GFS) filed for its U.S. initial public offering aiming for a Nasdaq listing. Mubadala, a United Arab Emirates state investment fund, owns the foundry wholly.

* GlobalFoundries is yet to disclose the amount of money it plans to raise or how much Mubadala will control after the IPO.

* GlobalFoundries operates five manufacturing sites: Dresden, Germany; Singapore; Malta, New York; Burlington, Vermont; and East Fishkill, New York.

* GlobalFoundries manufactures chips for use in contactless payments, battery power management touch display drivers.

* Qualcomm Inc (NASDAQ:QCOM), Broadcom Inc (NASDAQ:AVGO), Samsung Electronics Co Ltd (OTC:SSNLF), and Advanced Micro Devices Inc (NASDAQ:AMD) are among its largest customers.

* The pandemic triggered remote work, study, and home entertainment, led to higher demand for electronic gadgets, laptops, monitors, and game consoles, fueling a chip crisis.

* GlobalFoundries' revenue climbed by 13% year-on-year to just over $3 billion in the first half of 2021. It reported a gross margin of close to 11%. The net loss narrowed to $(301) million.

* Price Action: QCOM shares closed lower by 1.58% at $126.68 on Monday.