UAE Business: GlobalFoundries makes its market debut on Nasdaq – Gulf Digital News

UAE Business: GlobalFoundries makes its market debut on Nasdaq – Gulf Digital News

GlobalFoundries (GF), a global leader in feature-rich semiconductor manufacturing, on Thursday (October 28) made its market debut on the Nasdaq, under the ticker symbol GFS.

 

The chipmaker, which is owned by Abu Dhabi-based Mubadala Investment Company, had earlier announced the pricing of its initial public offering of 55 million ordinary shares, of which 30.25 million are being offered by GF and 24.75 million by Mubadala at an initial public offering price of $47 per share.

 

Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the US.

 

The IPO comes at a time when demand for semiconductors and microchips is red hot due to the ongoing global shortage that has negatively impacted sectors ranging from automotive manufacturing to consumer electronics, forcing many companies to scale back production and cut targets.

 

"It is the big day for GlobalFoundries, Mubadala and Abu Dhabi. We created GlobalFoundries 12 years ago because we felt it was important to invest in the technologies of tomorrow," Managing Director and Group CEO of Mubadala, Khaldoon Khalifa Al Mubarak, told 'The National'.

 

"GlobalFoundries’ semiconductors are vital for many of the technologies we rely on every day including the chips in mobile phones, the