UK chip designer Arm soars on Nasdaq debut to notch $65bn valuation

Investor appetite for shares in SoftBank-owned tech firm pushes shares up close to 25% in much-hyped initial public offering

Shares in the British chip designer Arm soared on Thursday, valuing the company at over $65bn as it debuted on the Nasdaq stock exchange in the biggest US share listing of the year.

Arm set a price of $51 a share, valuing the company at $54.5bn on Wednesday. But as trading began on Thursday morning, investor appetite for the company's initial public offering (IPO) pushed its share price up 10% to $56.10, valuing the company at just below $60bn.

Reuters contributed to this story