Chipmaker GlobalFoundries files confidentially for U.S. IPO

GlobalFoundries Inc has filed confidentially with U.S regulators for an initial public offering (IPO) in New York that could value the chipmaker at around…

$25 billion, people familiar with the matter said on Wednesday.

The move is the clearest sign yet that GlobalFoundries, which is owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, is not eager to accept a potential tie-up with Intel Corp, which the Wall Street Journal reported last month was in talks to acquire the U.S. chipmaker.

GlobalFoundries is working with Morgan Stanley, Bank of America Corp, JPMorgan Chase & Co, Citigroup Inc and Credit Suisse Group AG on the IPO preparations, the sources said.

GlobalFoundries is expected to reveal its IPO filing in October and go public by the end of the year or early next year, depending on how quickly its application is processed by the U.S. Securities and Exchange Commission (SEC), the sources said.

The sources, who requested anonymity because the deliberations are confidential, cautioned that the chipmaker’s plans were subject to market conditions and that the timing could change.

Intel has yet to make a…

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