GlobalFoundries Adds JPMorgan, BofA to Its Jumbo IPO Roster

(Bloomberg) -- GlobalFoundries has added four more banks to work on a planned initial public offering that could value the chipmaker at about $30 billion, according to people familiar with the matter.

JPMorgan Chase & Co. and Bank of America Corp. have been brought in to help take the business public alongside already-appointed Morgan Stanley, the people said, asking not to be identified discussing confidential information. Citigroup Inc. and Credit Suisse Group AG have also been handed more junior roles on the listing, the people said.

GlobalFoundries is backed by the Abu Dhabi’s sovereign fund Mubadala Investment Co., which has started preparations for a U.S. IPO of the business and last month appointed Morgan Stanley to work on the plans, Bloomberg News reported.

Representatives for Bank of America, Citigroup, Credit Suisse, GlobalFoundries and JPMorgan declined to comment. A representative for Mubadala couldn’t immediately provide comment.

The chipmaker is coming to market as numerous industries complain they can’t get enough semiconductor supply as governments across the globe gear up to provide financial support for expansions in production. GlobalFoundries’ biggest rivals, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics, are struggling to keep up with demand.

GlobalFoundries was created when Mubadala bought Advanced Micro Devices Inc.’s manufacturing facilities in 2009 and later combined them with Singapore’s Chartered Semiconductor Manufacturing Ltd.

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