Shares in UK-based chip designer Arm Holdings have soared after the agency made its Nasdaq debut on Thursday.

The agency's inventory opened at $56.1 (£45.2) per share - 10% above the preliminary public providing (IPO) value of $51 (£41).

Arm, which continues to be 90.6% owned by Japan's SoftBank Group, had earlier secured a valuation of $54.5bn (£43.6bn) on Wednesday.

That has now leapt to virtually $60bn (£48bn) after buying and selling opened at 2.30pm UK time on Thursday.

The IPO is the largest for Wall Street since Rivian's market debut in 2021.

Arm, which has its headquarters in Cambridge and employs 2,800 employees, is a vital cog within the expertise sector as its processor designs are used within the overwhelming majority of the world's smartphones.

The firm was beforehand listed in London - till it was taken personal seven years in the past following SoftBank's controversial takeover in 2016.

This time, the UK capital was snubbed in favour of New York, regardless of lobbying from the British authorities.

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Kyle Rodda, senior market analyst at brokerage agency Capital.com, described it as "the most hyped listing we've had in the markets for a while".

Firms have been reluctant just lately to hunt flotations amid the worldwide financial slowdown, however the tech sphere has outperformed.

Smartphone gross sales have been amongst areas to pull within the robust financial system - hitting Arm's revenues, which depend on royalties.

It is in search of a higher affect within the cloud computing market, whereas synthetic intelligence (AI) can also be providing the prospect of higher rewards.

Many of its main shoppers, together with AI specialist Nvidia, Apple and Samsung, had snapped up shares within the IPO.