TECH - After Lackluster IPOs Can Arm Instacart And Klaviyo Take A Page From Facebook's 2012 Playbook? | Benzinga
The market debut of British chip designer Arm Holdings (NASDAQ:ARM) was the biggest IPO of the year, at a valuation of at $54.5 billion. Yet shares of the company have fallen consistently throughout the week and closed at $52.16 on Thursday.
The company has been key in the development of Nvidia Inc's (NASDAQ:NVDA) artificial intelligence chips, and is still 90% owned by giant Japanese investment holding SoftBank, which put only 10% out for the public offering.
The slide in Arm shares began with a gloomy analysis by Bernstein Research, which gave the company an Underperform rating and a $46 price target on Monday.
Read also: Is ARM Holdings Stock Going To Pay Dividends?
Grocery delivery app Instacart (NYSE:CART) is experiencing a similar phenomenon. The company debuted on Tuesday with an IPO price of $30 and opened at $42, jumping 40% from its initial price. Yet just two days later, shares closed at $30.65 ...