Shares in British chipmaker Arm Inc. surged after it made its stock market debut on Thursday afternoon with shares priced at $56.10. Arm’s stocks jumped by 10% as trading commenced and were 20% higher at over $61 after 30 minutes of trading. The stock closed the day at around 25% higher than its opening price of $51.
While the company’s valuation was $54.5 billion as it debuted on the Nasdaq Composite Index, Arm’s valuation was pushed above $60 billion at the market’s close. This is the highest-profile IPO that the Nasdaq has experienced since 2021’s IPO boom. In 2022, the index experienced a significant slump.
“This is a great first step to reopening what has been sort of an 18-month drought of IPOs in the US tech market,” Blueshirt Group managing director Mark Roberts commented.