Chipmaker GlobalFoundries is preparing for its maiden offering that could bring its valuation to $30 billion with the help of Morgan Stanley, according to Bloomberg.

  • GlobalFoundries has yet to make its final decision on the matter and a change in plans is still possible, according to an unnamed source.
  • The tech firm counts as one of its backers Abu Dhabi sovereign fund Mubadala Investment Co., which was reported to start preparations for a U.S. listing in April.
  • GlobalFoundries, Mubadala, and Morgan Stanely have yet to comment on the potential initial public offering.
  • The plan comes amid a global chip shortage, with GlobalFoundries’ rivals struggling to keep up with demand amid a global expansion in production.

MS: NYSE is up 0.69% premarket.