Early indications show Arm stock opening nearly 18% above IPO price

Early indications from the Nasdaq suggest that Arm Holdings PLC’s stock
ARM,

will debut on the Nasdaq roughly 18% above where the semiconductor designer’s initial public offering priced. The IPO priced overnight at $51 a share, at the top of the previously expected range. The stock is currently indicated to trade at $60.00, or 17.6% above the IPO pricing. At that price, Arm would be valued at about $61.56 billion. So far, the indications for the opening price have ranged from a high of $65.00 to a low of $60.00. The company is going public at a time that the Renaissance IPO ETF
IPO,
+0.60%
has gained 2.6% over the past three months while the S&P 500
SPX,
+0.56%
has tacked on 2.5%.