SoftBank's Arm Holdings jumps 10% in Nasdaq debut to notch $60 billion mcap

New York: Shares of SoftBank's Arm Holdings opened 10% above their offer price in their Nasdaq debut on Thursday, giving the chip designer a valuation of nearly $60 billion in its return to the public markets after seven years. Its stock opened at $56.1 per ADR compared with the initial public offering (IPO) price of $51 and steadily extended gains to $60, in a sign of confidence for other companies planning to list.

"This pop can get people more excited about the IPO market for the rest of this year and going into 2024," said Owen Lau, senior analyst at Oppenheimer & Co.

Arm's listing is being closely watched for signs of a revival in the IPO market that also awaits the high-profile listings of marquee startups.