According to Reuters, Arm goesowned by SoftBank, forges ahead with the giant listing despite the challenging market picture, after announcing in March that the semiconductor company was planning to list on the Nasdaq exchange.
Arm plans to sell shares later this year, and the aim is to collect 8-10 billion dollars, which corresponds to up to 106.8 billion kroner at today’s exchange rate.
This will make the IPO the largest so far this year, according to the agency, which otherwise writes that the sources emphasize that the exact time and size of the listing is dependent on market conditions.
Long-awaited upturn
SoftBank has been planning an IPO ever since the deal to sell the company to Nvidia for $40 billion collapsed last year amid protests from US and European competition authorities.
Since then, Arm has outperformed the broader chip industry, thanks in large part to its focus on data center servers and PCs that bring in more in royalty payments, according to Reuters.
The listing is also expected to give SoftBank a long-awaited boost, which has been fighting to turn around the development in the major investment Vision Fund. The fund has incurred large losses due to free-falling valuations in the technology sector, in which it has been heavily invested, including in Norwegian AutoStore.
The major banks Goldman Sachs, JPMorgan, Barclays and Mizuho Financial Group are assisting as facilitators in connection with the listing.
2023-04-30 14:48:45
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