British tech giant Arm rises to $65B valuation after first day of trading

Yesterday we reported that UK chip design company Arm was valued at just above $50bn before going public on the Nasdaq stock exchange. At the end of the day, the share price had jumped by close to 25% above the debut price. It rose from $56.10 to $63.59 — much higher than the $51 presented on Wednesday.  This made it the largest public listing in the US in nearly two years. The significant jump in share price could be attributed to the fact that the IPO was oversubscribed by up to 10 times. As a result, banks had closed their…

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