ARM IPO results in stock price explosion during first week on Nasdaq
ARM has now officially beaten Rivian for the title of biggest IPO of the 2020s thus far, making 95,500,000 American depository shares (ADS), each equivalent to one of the cornerstone chip-designer's ordinary shares, available at US$51 each.
Then again, they were found to have jumped up to ~US$56.10 each at the start of trading on the Nasdaq exchange. They will now spend their first weekend off at US$60.75, although they had been found to achieve a peak of nearly US$70 (or 1.35 times their original price) at one point prior to the end of trading on September 15, 2023.
Underwritten by Goldman Sachs (which has also reportedly seen a boost to its own share price), the offering may inevitably attract big fish such as Microsoft, Intel, Samsung and Apple; indeed, TSMC is already said to commit up to US$100 million to the IPO prior to its estimated closing date of September 18, 2023.
Meanwhile, ARM CEO Rene Haas has conveyed a "heartfelt thank you" to "employees, partners and the entire ecosystem who have worked together to advance (our) computing platform over our 33-year history", and touts its "re-entrance into the public markets" as the next phase in its quest to "build the future of computing".
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