To The Moon

SoftBank-Backed Arm opened around $56.7, or 11.18% above $51 IPO price.Arm Holdings Plc priced its initial public offering at the top end of its range to raise $4.87 billion in the largest listing of the year, one that could give a major lift to long-suffering equity markets.The chip designer, which is owned by SoftBank Group Corp., sold 95.5 million American depositary shares for $51 apiece. Arm had marketed the shares for $47 to $51 each.Arm was setting aside more than $700 million of the stock in the IPO to be bought by some of its biggest customers, including Intel Corp., Apple Inc., Nvidia Corp., Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co.The offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc.