Arm Holdings (ARM) adds to IPO gains

Arm Holdings (NASDAQ: ARM) is seeing follow-through momentum after Thursday's successful IPO. After opening 10% higher, shares went on to close 24.7% higher. In pre-open trading Friday, shares are up another 6%.

In 2016, Softbank, led by Masayoshi Son, privatized Arm, and the investment firm will retained a controlling interest following the IPO.

95,500,000 American depositary shares (ADRs), each representing one ordinary share, were sold at $51 each in the offering. The ADRs are now at $65.50 in pre-open trading.

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