GlobalFoundries has filed with U.S regulators for an initial public offering (IPO) in New York that could value the chipmaker at around $25 billion, Reuters reported.
The report did not indicate the size of the IPO.
The move indicates that GlobalFoundries, which is owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment, is not eager to accept a potential takeover by Intel.
GlobalFoundries is working with Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup and Credit Suisse Group on the IPO preparations.
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 report said Intel has yet to make a formal offer for GlobalFoundries and may not do so. The Wall Street Journal earlier indicated that Intel is looking for buying GlobalFoundries.
GlobalFoundries is concerned that a combination with Intel would upset some of its key customers that compete with Intel, such as Advanced Micro Devices (AMD).
Association with Intel could face intense antitrust scrutiny from United States President Joe Biden’s administration, which has become more hostile to transformative mergers.
GlobalFoundries manufactures radio-frequency communications chips for 5G, automotive, and other specialized semiconductors, and has emerged as a major resource for companies such as Intel and Advanced Micro Devices that have outsourced parts of their chip production.
GlobalFoundries CEO Tom Caulfield in July said the chipmaker was planning to go for an IPO in 2022. The chipmaker has pledged to boost output to meet robust demand and announced plans to build a second factory near its Malta, New York, headquarters to address the global chip shortage.