Arm Holdings shares rise 10% in biggest initial public offering since late 2021

By DAMIAN TROISE and YURI KAGEYAMA
AP Business Writers

NEW YORK (AP) — Shares of U.K. chip designer Arm Holdings are up 10% in their stock market debut, in what is the largest initial public offering of shares in nearly two years. The shares opened at $56.10 on the Nasdaq Thursday after having been priced at $51. The offering price gave Arm a market value of $54.5 billion. Most consumers use at least one product that contains Arm’s chips, though many people may not be familiar with the company itself. Its chip design is used in virtually all smartphones, the majority of tablets and digital TVs. More recently, Arm has expanded into artificial intelligence, smart devices, cloud computing, the metaverse and autonomous driving.