Introducing the Shy Five

The insane stock rally in recent days of Arm, the SoftBank-owned chip designer, puts a big dent in the theory that the market for initial public offerings is still “closed.” The company’s stock price—which has doubled in the past week—is now up 192% from its September public listing, providing IPO investors with a juicy profit. 

What Arm shows is that investors are looking for big, marquee tech companies chasing large markets to put money behind. The lingering question, however, is when more companies like Arm will be going public.