The company priced its shares on Wendesday at $51 each, the top end of its range, valuing it at about $54.5 billion.
Arm’s I.P.O.
SoftBank had initially wished the company would be valued at as much as $70 billion.
And it had pitched Arm as a major player in designing chips for artificial intelligence applications, a tech sector that investors have flocked to.
But valuations of privately held companies have fallen sharply over the past year, and investors were reportedly concerned about Arm’s so-so financial performance of late.
Persons:
SoftBank
Organizations:
Nasdaq, Wendesday