GlobalFoundries shares open flat on Nasdaq debut


Shares of GlobalFoundries Inc, which is owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, opened flat on Nasdaq on Thursday.

The debut gave the chipmaker a market capitalization of about $26 billion.

GlobalFoundries priced its IPO, which is the third largest in the United States so far this year, at $47 a share. Only South Korean e-commerce giant Coupang and ride hailing company Didi Global have had larger stock market floats this year.

GlobalFoundries, which disclosed a 13% revenue growth for the six months ended June 30, has benefited from surging demand for chips, due to a global shortage that has forced automakers and other electronics firms to cut production.