Arm Holdings made its debut on the NASDAQ this Thursday, with its market cap reaching nearly $65 billion at the close of trading.

The SoftBank-backed chip designer priced its offering on Wednesday at $51 a share, raising $4.87 billion and valuing the company at $54.5 billion.

Its shares opened at $56.10, up 10% from their initial offering price of $51. At the close of trading, its shares hit $63.59 per share, giving it a market capitalization of approximately $65 billion.

Founded in 1990 in Cambridge, the UK, the company sells blueprints of a part of a chip known as a processor core. Its customers include many of the world’s largest tech companies, like Apple, Google, Samsung, and Nvidia.

Japanese conglomerate SoftBank, which bought Arm for $32 billion in 2016, now controls roughly 90% of the company's outstanding shares. In 2020, Nvidia reached a deal to buy Arm from SoftBank for $40 billion. But the plan collapsed after 18 months due to opposition from regulators and customers.

Based on last fiscal year's profits, Arm closed today with a price-to-earnings ratio above 110, marking a significant premium.

However, its strong IPO performance will provide a boost to the financing situation of the entire technology industry. This is the worst year for IPOs since 2009, according to an analysis by EquityZen, a marketplace that connects buyers and sellers of private company shares.

Come next week, US grocery delivery giant Instacart and ad tech firm Klaviyo are set to make their debut on NASDAQ. Moreover, across the Pacific, several Chinese firms, including EV brand Zeekr, autonomous driving startup WeRide, and lidar maker Innovusion are gearing up for a US IPO, as Beijing eases its stance on overseas listings.