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.