SoftBank’s Arm eyes $62 billion valuation in likely stellar Nasdaq debut

SoftBank’s Arm Holdings was valued at nearly $60 billion in a strong Nasdaq debut on Thursday, as the shares of the chip designer surged 10% above their offer price.

Its stock opened at $56.1 per American Depositary Share compared with the initial public offering (IPO) price of $51, in a sign of confidence for other companies planning to list.

Arm had secured a valuation of $54.5 billion on Wednesday after pricing its IPO at the top end of the marketed range. It fetched $4.87 billion for SoftBank, which still holds a 90.6% stake.