SoftBank Group Corp.’s Arm Holdings Ltd. is planning to raise as much as $4.87 billion in what would be the biggest initial public offering of the year, though smaller than the once-obscure designer of phone chips previously considered.
Arm said in a filing Tuesday with the US Securities and Exchange Commission that it will offer 95.5 million American depository shares for $47 to $51 each.
While Arm had previously aimed to raise $8 billion to $10 billion in the IPO, that target was lowered at least in part because SoftBank decided to buy the 25% stake held by its Vision Fund and then hold onto a larger portion of the shares in the company. The Vision Fund transaction valued Arm at more than $64 billion, based on Arm’s filings.
The company earlier had sought to be valued at $60 billion to $70 billion in the IPO but it’s now looking to be valued at more than $50 billion.Even at the bottom of the share-sale range, the IPO would still be the world’s biggest this year, surpassing the $4.37 billion listing by Johnson & Johnson consumer health spinoff Kenvue Inc.
Online grocery-delivery firm Instacart Inc., marketing and data automation provider Klaviyo, Vietnam-based internet startup VNG Ltd. and footwear maker Birkenstock are among those that have either already filed for or are pursuing IPOs. Arm’s offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc., with 24 other underwriters below that top tier. Arm plans to change its name to “Arm Holdings Plc” before it begins trading on the Nasdaq Global Select Market under the symbol ARM.
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