Chipmaker GlobalFoundries is reportedly working with investment bank Morgan Stanley (NYSE: MS) on an initial public offering that could value the technology company at about U$30 billion.

According to Bloomberg, no final decision has been reached on the IPO and current conversations could be dropped should the business’ plans change, a person familiar with the matter said.

GlobalFoundries offers a wide range of application-optimised technologies and solutions to markets which includes mobility, automotive, communications and data centres, and internet of things. 

The company is backed by Abu Dhabi sovereign fund Mubadala Investment Co. According to April reports from Bloomberg, Mubadala had began conversations to take the business public in the US around that time at a value of $20 billion. 

GlobalFoundries main rivals include Taiwan Semiconductor Manufacturing Co. and Samsung Electronics. However, due to high market demand, the industry has a whole has struggled to keep up with chip outsourcing.