Arm’s stock receives warm Wall Street reception, opens 10% above IPO price

Arm Holdings PLC’s stock
ARM,
+15.94%
received a warm reception in its Wall Street debut Thursday, as the U.K.-based semiconductor-design company’s stock’s first trade was 10% above the initial public offering price. Early indications of the opening price had ranged from a high of $65.00 to a low of $56.10. The company raised $4.9 billion in the IPO, as which priced at $51 a share, at the top of the expected range. The first trade on the Nasdaq was at $51.10 at 12:08 p.m. Eastern for 13.3 million shares, or 10.0% above the IPO price. At that price, the company was valued at $57.56 billion. The stock has nudged higher since the open, and was last trading 10.2% above the IPO price. Arm went public at a time of slightly strong investor interest in IPO shares, as the Renaissance IPO ETF
IPO,
+0.44%
has gained 3.2% over the past three months while the S&P 500
SPX,
+0.80%
has tacked on 2.9%.