Investors snapped up shares of UK chip designer Arm Holdings as it returned to the stock market, sending its market value to more than $60bn .
The sale was the biggest initial public offering of the year, raising $4.87bn for owner Softbank Group."Despite some concerns about the company's exposure to numerous risks in China, it's not stopped a juggernaut of enthusiasm," said Susannah Streeter head of money and markets at Hargreaves Lansdown.
Chief executive Rene Haas said the company saw further opportunity for growth, as investments in artificial intelligence drive demand for its products.Arm's return to the stock market was much anticipated. The firm, which has its headquarters in Cambridge, had faced heavy lobbying to list its shares in the UK.
Mr Haas, who is based in the US, said the firm chose to list on the Nasdaq for its experience handling large share sales by tech firms. He told the BBC that the firm was open to considering listing in London "down the road".