Post by account_disabled on Feb 22, 2024 6:20:10 GMT -5
Shares of chip designer Arm closed up 25 percent yesterday at the end of their first day of trading on the Nasdaq exchange, valuing the SoftBank-backed company at more than $65 billion. Arm opened at $56.10 a share yesterday afternoon and closed at $63.59, significantly above the $51 offer price agreed upon Wednesday night, raising nearly $5 billion for SoftBank. SoftBank discussed with underwriters on Wednesday whether to price Arm shares above the initial range of $52, but settled for the lower figure in the belief that the stock would rise and boost confidence in the broader markets. after almost two years of pressure on valuations.
The strong reception to Arm's listing will fuel confidence in the broader IPO market, which has been gradually reopening after one of the worst fundraising declines in decades. Here's more on the Pakistan Phone Number biggest US listing in nearly two years. Analysis: After its strong public debut, the UK chip designer now faces challenges in expanding its core business and creating new ones. IPO fees: Arm expects to pay its underwriters up to $104.6 million in fees, raising Wall Street bankers' hopes for a broader revival. Here's what I'm keeping an eye on today: Economic data: The UK has data on insolvencies in England and Wales for last month, and France has its consumer price index. In the US, industrial production figures are published and the University of Michigan publishes its consumer sentiment index.
Novartis: Shareholders of the Swiss pharmaceutical company will vote on the spin-off of its Sandoz generic business, with an estimated valuation of up to $25 billion. The board has unanimously endorsed the proposal. How well did you stay up to date with the news this week? Take our questionnaire. Five more featured stories 1. Exclusive: WhatsApp is exploring a new feature that would show ads in the app for the first time, but the idea has caused internal controversy over concerns it would alienate users. According to people familiar with the matter, a subscription fee for ad-free use is also being discussed, but many insiders oppose this move.
The strong reception to Arm's listing will fuel confidence in the broader IPO market, which has been gradually reopening after one of the worst fundraising declines in decades. Here's more on the Pakistan Phone Number biggest US listing in nearly two years. Analysis: After its strong public debut, the UK chip designer now faces challenges in expanding its core business and creating new ones. IPO fees: Arm expects to pay its underwriters up to $104.6 million in fees, raising Wall Street bankers' hopes for a broader revival. Here's what I'm keeping an eye on today: Economic data: The UK has data on insolvencies in England and Wales for last month, and France has its consumer price index. In the US, industrial production figures are published and the University of Michigan publishes its consumer sentiment index.
Novartis: Shareholders of the Swiss pharmaceutical company will vote on the spin-off of its Sandoz generic business, with an estimated valuation of up to $25 billion. The board has unanimously endorsed the proposal. How well did you stay up to date with the news this week? Take our questionnaire. Five more featured stories 1. Exclusive: WhatsApp is exploring a new feature that would show ads in the app for the first time, but the idea has caused internal controversy over concerns it would alienate users. According to people familiar with the matter, a subscription fee for ad-free use is also being discussed, but many insiders oppose this move.