Global Foundries Files F-1
Global Foundries (pvt), formed when Mubadala Investment Company, the investment arm of the United Arab Emirates purchased certain semiconductor assets from Advanced Micro Devices (AMD) in 2009 and combined it with the assets of Singapore-based Chartered Semiconductor (pvt), is considered the 3rd largest foundry globally. The F-1 was filed with the SEC yesterday and while the filing gives no indication as to the size or value of the offering, the fund is expected to value Global Foundries at ~$30b US, not surprising considering the current state of the semiconductor space. GFS is the proposed symbol.
Global Foundries, which operates five foundries, one each in Malta and East Fishkill[1], New York, one in Burlington, Vermont, one in Singapore, and one in Dresden, Germany, competes with Taiwan Semiconductor (TSM), United Microelectronics (UMC), and Semiconductor Manufacturing International aka SMIC (688981.CH), employing ~15,000 workers with ~46% in North America. The company has a considerable number of long-term supply agreements, most of which were signed this year (see table below), however the company has been operating under an IFRS yearly loss since 2011 and under non-IFRS measurement just turned positive on a gross margin basis during the first six months of this year, albeit still at an operating loss. As there have been a number of financial adjustments over the last few years, investors should look at the financials carefully to better understand the sales and earnings capabilities of the company.
[1] East Fishkill fab is currently part of ON Semiconductor, with the transfer to be completed by the end of 2022.
Global Foundries, which operates five foundries, one each in Malta and East Fishkill[1], New York, one in Burlington, Vermont, one in Singapore, and one in Dresden, Germany, competes with Taiwan Semiconductor (TSM), United Microelectronics (UMC), and Semiconductor Manufacturing International aka SMIC (688981.CH), employing ~15,000 workers with ~46% in North America. The company has a considerable number of long-term supply agreements, most of which were signed this year (see table below), however the company has been operating under an IFRS yearly loss since 2011 and under non-IFRS measurement just turned positive on a gross margin basis during the first six months of this year, albeit still at an operating loss. As there have been a number of financial adjustments over the last few years, investors should look at the financials carefully to better understand the sales and earnings capabilities of the company.
[1] East Fishkill fab is currently part of ON Semiconductor, with the transfer to be completed by the end of 2022.
[1] 300mm equivalents, kwpa
[1] Excludes Fab 7 Module which is under construction. ~450 kwpa expected.
[1] Excludes Fab 7 Module which is under construction. ~450 kwpa expected.
Global Foundries - Wafers Shipped - Source: Company Data
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