Chip maker GlobalFoundries made its debut on the Nasdaq stock market Thursday at $47 per share but the stock dropped slightly on the day to close at $46.40, down 60 cents. The company trades under the symbol GFS and raised $2.6 billion.
[Photo above from Twitter: GlobalFoundries CEO Tom Caulfield (center) celebrates with employees the firm’s IPO at Nasdaq headquarters in NYC]
The company sold 55 million shares of stock including 24.75 million offered by its main shareholder, the Mubadala Investment Company of Abu Dhabi.
GlobalFoundries is based in Malta, NY, about 25 miles north of Albany. It operates a massive chip plant that employs over 3,000 people and announced plans to build another plant in Malta over the next several years.
The company moved its headquarters from Silicon Valley to upstate NY earlier this year. The company was spun off from AMD in 2009 with Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi.
GlobalFoundries has about 15,000 employees at 14 locations on three continents.
For the first six months of 2021, GlobalFoundries reported revenues of $3.03 billion and net loss of $301 million.
Morgan Stanley, BofA Securities, J.P. Morgan, Citigroup and Credit Suisse where the active book-running managers for the IPO. Deutsche Bank Securities, HSBC and Jefferies were additional book-running managers for the offering. Baird, Cowen, Needham & Company, Raymond James, Wedbush Securities, Drexel Hamilton, Siebert Williams Shank and IMI – Intesa Sanpaolo acted as co-managers for the offering.