Shares of GlobalFoundries Inc (GFS.O), which is owned by Abu Dhabi's sovereign wealth fund Mubadala Investment 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 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.
Moreover, the IPO market in the U.S. has never been stronger, numerous other big names such as Coinbase Global Inc (COIN.O), Robinhood Markets Inc (HOOD.O) and gaming platform Roblox have already gone public this year. Electric-vehicle maker Rivian is also expected to list its shares in the coming weeks.
U.S. IPOs have raised an all-time record of over $250 billion so far this year, according to data from Dealogic.
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