Arm shares soar 25% over IPO price in US stock market float; FTSE 100 posts best day of 2023 – as it happened

Softbank's Arm is floating on the Nasdaq market today, in the biggest IPO of the year Photograph: Brendan McDermid/Reuters

9.23pm BST

Arm close 25% higher

And finally…. Arm’s shares have closed tonight at $63.59, a gain of almost 25% on the $51 at which Softbank sold equity in its UK chip designer.

That means Arm has ended its first day on the US stock market with a valuation of over $65bn.

That may encourage further technology firms to float in the months ahead, after a fairly dry year for IPOs (especially in Britain).

Thomas Hayes, chairman at Great Hill Capital LLC, says:

“The game is back on. Capital markets are open for business.

“You’re going to see so many IPOs in the next 12 weeks your head is going to spin.”

Here’s the full story, on a memorable day for the UK chip designer:

On that note, goodnight. GW

Updated at 9.27pm BST

8.45pm BST

Arm rose as much as 15% in its trading debut after raising $4.87 billion in the year’s biggest IPO https://t.co/OBh6nVtTpY pic.twitter.com/465FzzkAS8

— Bloomberg Economics (@economics) September 14, 2023