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Arm's successful IPO boosts market confidence; Ukraine strikes Russian fleet; China's Defence Minister missing; Russia courts North Korea; natural disasters strike North Africa; and Euro rates rise.
Arm’s successful IPO
Arm, a semiconductor design firm, listed publicly on the US Nasdaq exchange, in the biggest IPO of the year. Arm’s shares closed Thursday at $63.59, some 25% above its IPO price of $51, which valued the company at $65bn — twenty times its revenues from last year.
Arm’s IPO was heavily oversubscribed, with some of the largest tech companies, including Intel, Alphabet, Samsung, Nvidia and Apple, all taking a stake. SoftBank still owns about 90% of Arm.
Arm’s successful float is the most valuable IPO of the year, and has raised hopes that the drought of new listings in public markets is drawing to a close.
Grocery delivery company Instacart and email marketing company Klaviyo are expected to IPO next week. But in a sign that the tech sector has reset around more realistic valuations, Instacart is likely to be a “down-round” IPO. Its last capital-raising was at a valuation of $39 billion in early 2021. It is likely to list with a valuation closer to $10 billion.
(Credit: Reuters)
Ukraine strikes Russia’s Black Sea fleet
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