Abu Dhabi's GlobalFoundries plans an IPO

(MENAFN) Advanced Technology Investment Company's (ATIC) CEO, Ibrahim Ajami, stated that the company's subsidiary, GlobalFoundries, plans to go public, reported Xinhua News citing The National. Ajami said that the firm, which forecasts its revenue for 2012 to surge by 31 percent to USD4.5 billion, aims to list shares to the public once it breaks even in 2015, however, he didn't reveal which market the firm prefers for an initial public offering (IPO). GlobalFoundries, which produces microchips, was established as a spin-off of US chip giant AMD in 2009. Earlier this year, ATIC, owned by Abu Dhabi-sovereign wealth fund Mubadala, acquired AMD's shares in GlobalFoundries.