GlobalFoundries Makes Its Market Debut On Nasdaq Thursday
Sumaira FH 1 month ago Fri 29th October 2021 | 12:00 AM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 29th Oct, 2021) GlobalFoundries (GF), a global leader in feature-rich semiconductor manufacturing, made its market debut on the Nasdaq, under the ticker symbol GFS, Thursday.
The had chipmaker earlier announced the pricing of its initial public offering of 55,000,000 ordinary shares, 30,250,000 of which are being offered by GF and 24,750,000 of which are being offered by GF’s existing shareholder, Mubadala Investment Company PJSC, at an initial public offering price of $47.00 per share.
Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the U.S. 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 Chief Executive Officer 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 smart devices in your home and the safety features in your car," said Al Mubarak.