Cambridge chipmaker ARM saw its share price leap by 43 per cent on its first day of trading.
The company - in which Apple and Acorn each have a 25 per cent stake after the initial public offering - closed up 245 pence at 820 pence after a high of 990 pence. This gives the chip organisation a market capitalisation of #377 million, although last year's sales were only #26.6 million.
Analysts believe the enthusiasm for the offering stems from a new interest among traditionally IT-shy European investors in technology stocks; as well as ARM's powerful network of licensing agreements. It has a manufacturing alliance with Intel, which is likely to use its processors for future mini-PC platforms, and licenses its technology to 29 suppliers including many makers of network computers.
ARM is also one of the first UK technology companies to have a dual listing in London and New York. On the US Nasdaq exchange, its depositary shares closed up 46 per cent at $42.50 on their first day of trading.
The early success of the ARM listing will be a welcome shot in the arm to the UK hi-tech sector. New flotations in London have fallen to their lowest level since 1989 across all categories, and several high profile technology offerings over the past few years have failed to live up to expectations, increasing market caution.
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