Jim Cramer Recommends Buying This Stock Following Recent IPO

CNBC’s "Mad Money" host Jim Cramer advised investors to buy GlobalFoundries Inc GFS following its IPO on Thursday.

Cramer said although the semiconductor crisis, which will continue for far longer, will be bad news for the economy around the world, it would be "fantastic news" for GlobalFoundries.

He also sees improvement in the company’s financials over the years, with revenue in the first half of the year surging over 12% year-over-year. The third-quarter preliminary results look "even better," he noted.

GlobalFoundries priced its IPO at $47 per share last Thursday.

Price Action: Shares of GlobalFoundries gained 5% to close at $48.74 on Friday.