SoftBank’s Arm soars nearly 25% in market debut to $65 billion valuation

NEW YORK: Shares in SoftBank’s Arm Holdings soared almost 25% above their Nasdaq debut price on Thursday, rekindling investor hopes for a turnaround in the moribund market for initial public offerings (IPO).

The stock, which had opened at $56.10, notched a 24.68% gain to close at $63.59, giving the British chip designer a valuation of $65 billion in its return to public markets following a seven-year absence. The IPO had priced at $51.

Arm’s strong performance suggests that investor demand for initial public offerings, which had been hit hard over the last two years by geopolitical tensions and higher interest rates, may be on the rebound, market participants said.