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GlobalFoundries shares open flat on Nasdaq debut, valuing chipmaker at $26 billion -Breaking

by Mike Robinson

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© Reuters. A display shows the corporate brand for semiconductor and chipmaker GlobalFoundries Inc. through the firm’s IPO on the Nasdaq MarketSite in Occasions Sq. in New York Metropolis, U.S., October 28, 2021. REUTERS/Brendan McDermid

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(Reuters) -Shares of GlobalFoundries Inc, which is owned by Abu Dhabi’s sovereign wealth fund Mubadala Funding Co, opened flat on Nasdaq on Thursday, giving the chipmaker a market capitalization of about $26 billion.

GlobalFoundries priced its IPO, which is the third largest in the US up to now this yr, at $47 a share. Solely South Korean e-commerce big Coupang and trip hailing firm Didi World have had bigger inventory market floats this yr.

GlobalFoundries, which disclosed a 13% income development for the six months ended June 30, has benefited from surging demand for chips, because of a worldwide scarcity that has pressured automakers and different electronics corporations to chop manufacturing.

Furthermore, the IPO market within the U.S. has by no means been stronger, quite a few different huge names corresponding to Coinbase (NASDAQ:) World Inc, Robinhood Markets Inc (NASDAQ:) and gaming platform Roblox have already gone public this yr. Electrical-vehicle maker Rivian can also be anticipated to checklist its shares within the coming weeks.

U.S. IPOs have raised an all-time file of over $250 billion up to now this yr, in keeping with information from Dealogic.

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