Chipmaker GlobalFoundries Valued at $26 Billion in Lackluster Nasdaq Debut-US News | The Epoch Times

Shares of GlobalFoundries Inc, which is owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Co, opened flat on the Nasdaq on Thursday, giving the chipmaker a market capitalization of about $26 billion. GlobalFoundries finished its first day of trading at $46.40, slightly lower than the $47 per share it priced in the initial public offering (IPO). The chipmaker raised $2.6 billion in the third-largest IPO in the United States so far this year, trailing South Korean e-commerce giant Coupang Inc and ride-hailing company Didi Global Inc. GlobalFoundries, which disclosed revenue growth of 13 percent 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. But the company’s gross margins remain markedly lower than other chipmakers at 10.8 percent in the six months ended June 30, well below the margins of …

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