Thursday saw the Nasdaq debut of UK-based chip designer Arm, selling at roughly $56 per share, or 10% more than its initial price offering. On Thursday afternoon, the AI industry leader Arm began trading in New York with 95.5 million shares trading under the symbol “ARM” (ARM).
The IPO’s principal underwriter is Goldman Sachs. On Thursday, the bank’s stock rose by nearly 2.5%.
After selling shares at $51 each in its IPO, SoftBank-controlled Arm Holdings saw a gain of nearly 16% on Thursday during intraday trading. The company’s market cap has risen above $60 billion since it began trading with a $54.5 billion valuation.
Arm’s royalties come in large part from goods that were sold decades ago. The company’s royalty income from items published between 1990 and 2012 accounts for around half of its overall revenue of $1.68 billion in 2022.
Arm’s designs and instructions are used by Apple (AAPL), Samsung, Nvidia (NVDA), and Google to make their chips. The company is crucial to the creation of GPS devices, smartphones, laptops, video games, and televisions.
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