Shares in the UK chip designer ARM posted a successful debut on the US stock market on Tuesday and could head higher.
ARM: 15 MinChart
*The ARM share chart is based on 15-minute intervals due to a first-day listing, but it will be a talking point over the coming days or weeks.
Arm was the most anticipated and largest IPO this year; it was priced at $51, but finished at $63.59, valuing the company at $65 billion. The company expected a valuation of $51 billion. Arm, 90% owned by Japan’s SoftBank Group, closed at $63.59 per share on Thursday in the United States.
Arm, headquartered in Cambridge, England, employs over 2,500 staff. The company designs semiconductor chips and is an important player in the booming world of chips. Arm was previously listed on the London Stock Exchange but will now have a home on the Nasdaq exchange in New York.
Kyle Rodda, the senior market analyst at Capital.com, said it was “the most hyped listing we’ve had in the markets for a while”.
Arm was also the third-largest IPO ever held on the Nasdaq, behind Facebook at $16 billion in 2012 and Rivian Automotive at $12 billion two years ago.
Over the next few trading sessions, expect to hear about the performance of Arm and what it means for AI and the chip-making sector.
The Nasdaq 100 also rose on the day as investors anticipated a soft landing for the US economy.
