SoftBank’s chip designer Arm extends gains after $65 bn Nasdaq debut

Shares of SoftBank’s Arm Holdings rose before the bell on Friday, extending gains from a stellar Nasdaq debut that valued the British chip designer at $65 billion, in a relief to the US IPO market facing a drought in listings.

The stock that closed 25 per cent higher than its offer price of $51 on Thursday was now up 33.9 per cent from that level at $68.31.

“The huge enthusiasm around trading suggests there is very much still appetite for high-growth names, and there’s growing hope that the IPO market will now become more buoyant next year,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.