Chipmaker GlobalFoundries valued at $26 billion in lackluster Nasdaq debut

A screen displays the company logo for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, U.S., October 28, 2021. REUTERS/Brendan McDermid

(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). The chip maker 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 .