NEW YORK (NEWS10) — GlobalFoundries, Inc. (GF), the semiconductor manufacturer headquartered in Malta, held an initial public offering (IPO) of 55 million ordinary shares of its stock for close to $2.6 billion on Thursday. The IPO price works out to $47 per share.

GF CEO Tom Caulfield was on hand in Manhattan to speak at the bell-ringing ceremony to open Nasdaq trading. Take a look below:

GF applied for listing on Nasdaq under the ticker symbol “GFS.” The company filed to take its stock public with the Securities and Exchange Commission in the beginning of October. Before now, the company was privately owned by the government of Abu Dhabi through a wealth fund.

Demand for semiconductor manufacturing is huge, with the industry estimated at a $54 billion value in 2020. GF facilities are located in the U.S., Germany, and Singapore. Its portfolio of customers includes Qualcomm and Samsung Electronics.