Reuters

Chipmaker GlobalFoundries valued at $26 billion in lackluster Nasdaq debut

(Reuters) -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). GlobalFoundries, which disclosed revenue growth of 13% 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.