US-based chipmaker GlobalFoundries has picked an excellent time to go public. A global chip shortage has disrupted manufacturing of everything from cars to game consoles. Washington is talking about giving billions in new subsidies to US semiconductor manufacturers to boost domestic production.
GlobalFoundries is owned by Abu Dhabi’s Mubadala sovereign wealth fund but operates factories and design centres across the US. It is well placed to capitalise on these trends. Plus, the reported $25bn valuation it is seeking is cheap.
The mooted price works out to about four times GlobalFoundries’ run-rate revenue for this year. That is a lot lower than its larger rival Taiwan Semiconductor Manufacturing Company, which trades at nine times.
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