Arm Holdings is valued at $54.5 billion in biggest initial public offering since late 2021

U.K. chip designer Arm Holdings is scheduled to start trading on the Nasdaq Thursday, in what is the largest initial public offering of shares in nearly two years.

The shares have been priced at $51, giving Arm a market value of $54.5 billion. The opening trade could be much higher, given the interest among investors in the offering.

Softbank will retain a nearly 90% stake in the Arm. It’s the biggest IPO since the electric truck maker Rivian debuted in November 2021 with a market value of more than $66 billion. Then last year the Federal Reserve rapidly raised interest rates to combat high inflation and the stock market went into reverse, with the S&P dropping nearly 20% and the Nasdaq composite falling more than 30%. Private companies became hesitant to go public, and the number of IPOs sank to 71. This year, with the economy showing unexpected resilience, 70 companies had gone public by early September, although very few companies are choosing to go public via a SPAC deal.

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