The largest public offering since 2021 is here.
After a nearly two-year drought in the IPO market, UK-based chip designer Arm made a successful Nasdaq debut on Thursday, finishing the day 25% higher and landing the company with a market cap of around $65 billion.
The company started trading in New York on Thursday afternoon with 95.5 million shares under the ticker ‘ARM’ (ARM). Trading opened at $56 per share — already 10% above its initial price offering — and closed at $63.59.
The strong open marks the largest initial public offering this year — and the biggest since electric truck maker Rivian in 2021.The Dow gained more than 330 points on Thursday, notching its best day since August as investors cheered the news.SoftBank, which acquired Arm for $32 billion in 2016, will hold on to about 90% of the company’s shares.
