INTC - GlobalFoundries files for initial public offering

GlobalFoundries has unveiled its filing for an initial public offering. The company was reported to have filed confidentially for a U.S. IPO in mid-August. The filing has only placeholders, but the offering could value the semiconductor maker around $25 billion. And it's applied to list on Nasdaq under the symbol GFS. Lead underwriters are Morgan Stanley, BofA Securities, J.P. Morgan, Citigroup and Credit Suisse. For the six months ended June 30, the company reports net revenues of $3.038 billion (up 12.6% year-over-year), and a net loss that narrowed to $301.2 million from $533.6 million in the same period in 2020. It has $805 million in cash. Key competitors are (first and foremost) Taiwan Semiconductor Manufacturing (TSM -2.5%), SMIC (OTCQX:SMICY), UMC (UMC -5%), and the foundry operation services of integrated device makers such as Samsung (OTC:SSNLF) and more recently Intel (INTC +0.2%). Intel's moves into the foundry business were clear when

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GlobalFoundries files for initial public offering