Chipmaker GlobalFoundries adds 4 more banks to IPO

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Chipmaker GlobalFoundries adds 4 more banks to IPO

GlobalFoundries has added four more banks to work on a planned initial public offering which could cost the chipmaker at about $30 billion, according to people familiar with the matter.

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

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

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

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

GlobalFoundries was formed when Mubadala incorporated the manufacturing facilities of Advanced Micro Devices Inc. in 2009 and later transferred them to Singapore's Chartered Semiconductor Manufacturing Ltd.

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