- Arm Holdings American depositary shares jumped close to 25% in their first day of trading.
- The British chip design firm's debut was the biggest IPO since October 2021.
- CEO Rene Haas said going public will boost the company's ability to invest in AI technologies.
The British chip design firm owned by Japan’s SoftBank offered 95.5 million ADSs at $51 each in the IPO, at the high end of its estimated price of $47 to $51 per ADS. That valued the company at $54.5 billion, in the largest IPO since electric vehicle maker Rivian Automotive’s (RIVN) $13.7 billion offering in October 2021.
As of the close of trading on Thursday, Arm shares were worth $63.59, lifting Arm's market capitalization over $65 billion.
CEO Rene Haas touted the company’s strength in the booming artificial intelligence (AI) sector. He noted that 70% of the world’s population relies on Arm technology, “putting us in a unique position to advance AI across all devices.” Haas added that by going public, Arm is in a better position to strengthen its team and invest in more AI technologies.