(Bloomberg) -- Chip designer Arm Holdings Plc fell below its initial public offering price just one week after a highly-anticipated debut was seen as a signal that the market was ready to reopen to fresh listings.

The SoftBank Group Corp.-owned company fell as low as $49.85, dropping below the $51 it sold American depositary shares at in the year’s biggest IPO, before paring losses to close at $52.16. The company raised $5.23 billion last week before rallying 25% in its debut session. The excitement didn’t last long with the stock falling for five-straight days to wipe out most of the pop.

The company’s valuation had drawn the ire of some analysts with Redburn saying earlier this week that the company faces high stakes and a “challenging” path ahead. Bernstein was more harsh, initiating with an underperform rating and suggesting it may not be the beneficiary of artificial intelligence that some investors expect.

The company’s listing was seen at the time as a win for SoftBank founder Masayoshi Son following a string of poorly timed bets on startups littered with flameouts like WeWork Inc. and DiDi Global Inc. 

Shares of Instacart and Klaviyo Inc., which both went public this week, have pared initial gains to trade back toward their IPO prices. The slide could signal that investors aren’t ready to pounce on newly public technology companies, however, their losses accelerated on Wednesday as the Federal Reserve signaled it may raise interest rates again this year.

(Updates with closing prices throughout)

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