(Bloomberg) -- Abu Dhabi’s Mubadala Investment Co. has started preparations for a U.S. initial public offering of chipmaker GlobalFoundries, people with knowledge of the matter said.

The sovereign wealth fund has been having initial discussions with potential advisers about a listing of GlobalFoundries that could value the business at about $20 billion, according to the people. It hasn’t yet selected underwriters, the people said, asking not to be identified because the information is private.

Deliberations are at an early stage, and details of the potential deal could change, the people said. GlobalFoundries always reviews strategic alternatives, and the timetable for an IPO “has always been sometime in 2022,” Chief Executive Officer Thomas Caulfield said in a Bloomberg Television interview this week.

Representatives for Mubadala and GlobalFoundries declined to comment.

The IPO market has been booming since last year, with technology firms from South Korean e-commerce operator Coupang Inc. to food-delivery service DoorDash Inc. jumping on their debuts. The technology-heavy Nasdaq Composite Index has gained 71% over the past 12 months, outpacing the 49% gain in the S&P 500 Index.

Globalfoundries is one of the largest contract chip manufacturers, competing with market leader Taiwan Semiconductor Manufacturing Co. The company 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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