SoftBank Group's Arm is seeking a valuation of more than US$52 billion in its initial public offering, the chip designer said on Tuesday (Sep 5) as it begins marketing for the biggest US stock market flotation of the year. SoftBank is offering 95.5 million American depository shares of the United Kingdom-b
SoftBank Group's Arm is seeking a valuation of more than US$52 billion in its initial public offering, the chip designer said on Tuesday as it begins marketing for the biggest US stock market flotation of the year.
Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO"more palatable than initially discussed." The company said the 'cornerstone investors' have separately indicated an interest in buying a combined US$735 million of the ADS being sold.Arm's listing, the biggest in New York since Rivian in late 2021, is expected to buoy the IPO market globally and fuel other startups toward going public as its success would signal the return of investor appetite for technology companies.
For the year ended Mar 31, Arm's sales fell to US$2.68 billion, hurt mainly by a slump in global smartphone shipments.
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