Shares of British chip designer Arm surged in their highly anticipated stock-market debut, in a sign of the reviving fortunes of an IPO market that has been in the doldrums for most of the past two years.

Shares of British chip designer Arm surged in their highly anticipated stock-market debut, in a sign of the reviving fortunes of an IPO market that has been in the doldrums for most of the past two years.