LONDON: SoftBank Group’s Arm Holdings Ltd launched the roadshow for its blockbuster initial public offering (IPO) on Tuesday (Septt 5) as the chip des...
SoftBank Group’s Arm Holdings Ltd launched the roadshow for its blockbuster initial public offering on Tuesday as the chip designer tries to convince investors it is worth as much as US$52 billion in this year’s biggest share sale.
SoftBank is offering 95.5 million American depository shares of Cambridge, England-based Arm for US$47 to US$51 apiece and is looking to raise up to US$4.87 billion at the top of the range. 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”.
Arm said the investors have indicated an interest in buying a total of US$735 million of the stock being sold in the offering. Several other big names including grocery delivery service Instacart Inc, marketing automation platform Klaviyo and footwear brand Birkenstock are expected to list their shares on US exchanges in the coming weeks.
For the year ended March 31, Arm’s sales fell to US$2.68 billion, hurt mainly by a slump in global smartphone shipments.
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