Global Foundries 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

GlobalFoundries, the world’s third-largest semiconductor foundry, is headed for a U.S. IPO, as the Abu-Dhabi-owned company bolsters investments in its U.S. manufacturing sites.

It's applied to list on Nasdaq under the symbol GFS.

GlobalFoundries was established in 2008, when a branch of the government of Abu Dhabi bought AMD’s manufacturing operations in Dresden, Germany.

The semiconductor industry will require a significant increase in investment to keep up with demand, with total industry revenue expected to double over the next eight to ten years,” GlobalFoundries said in its prospectus.

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%).