Chipmaker GlobalFoundries GFS made its stock market debut Thursday on the Nasdaq Global Market at $44.50 a share, 5% lower than its initial public offering price of $47.
Shares of the Malta, N.Y., company at last check fell 4.2% to $45.04. GlobalFoundries trades under the ticker symbol GFS.
Its IPO of 55 million shares was priced at $47 on Wednesday, the top end of its forecast range. The deal raised nearly $2.6 billion.
The underwriters have an option on 8.25 million more shares.
GlobalFoundries, which counts Advanced Micro Devices (AMD) – Get Advanced Micro Devices, Inc. Report and Broadcom (AVGO) – Get Broadcom Inc. Report as customers, has gone public in the midst of the global chip shortage.