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ARM lifts Nasdaq forward of NYSE on IPO capital raises By Reuters


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© Reuters. Arm CEO Rene Haas seems to be on, as Softbank’s Arm, chip design agency, holds an preliminary public providing (IPO) at Nasdaq Market web site in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid

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By Laura Matthews

NEW YORK (Reuters) -Change operator Nasdaq on Thursday edged out the New York Inventory Change on the measure of capital raised by conventional preliminary public choices to this point this 12 months following the debut of chip designer Arm, in keeping with Dealogic knowledge.

Up to now this 12 months, 68 conventional U.S. IPOs on Nasdaq have raised $8.6 billion, surpassing $6.4 billion for NYSE, the info launched on Thursday confirmed.

“At the moment has been a milestone day for Nasdaq with Arm being the most important IPO of the 12 months. We’re proud to stay the change of selection for essentially the most progressive firms on the earth,” stated Karen Snow, international head of listings at Nasdaq, in an announcement.

Shares in SoftBank (TYO:)’s Arm Holdings soared virtually 25% above their Nasdaq debut worth on Thursday, rekindling investor hopes for a turnaround within the moribund marketplace for preliminary public choices (IPO).

NYSE has declined to remark.

A profitable displaying by Arm, analysts have stated, might additionally assist different firms comply with its coattails.

“If after IPO, you see the comfortable pop … then it might induce extra firms to go public within the second half. So, it has significance to the market,” stated Owen Lau, senior analyst at Oppenheimer & Co.

About 150 firms are ready to go public on the Nasdaq, a 40% enhance from identical time final 12 months, a supply aware of the matter stated.

This 12 months, Nasdaq has received 87% of U.S. IPOs listings, and has led its rival for 38 consecutive quarters in keeping with its personal knowledge. As a result of the 2 exchanges have totally different listings requirements, a few of Nasdaq’s IPOs might not qualify to listing on NYSE.

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