SoftBank Group Corp. SFTBY owned chipmaker Arm Ltd has made a confidential filing with the Securities and Exchange Commission for a listing on the markets in the U.S.
What Happened: The Cambridge, United Kingdom-based company, plans to sell its shares on the Nasdaq later in 2023 and aims to raise between $8 billion and $10 billion, reported Reuters, citing people familiar with the matter.
Arm reportedly said in a statement that the size and the price range for the public offering have yet to be ascertained.
Both SoftBank and Arm declined to comment to Reuters, while the publication’s sources said that the exact timing and size of the offer are subject to market conditions.
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Why It Matters: SoftBank is pressing ahead with the initial public offering despite such listings, other than for special purpose acquisition companies, being down nearly 22% to a total of $2.35 billion year-to-date, noted Reuters.
The Arm IPO is being led by Goldman Sachs Group Inc GS, JPMorgan Chase & Co JPM, Barclays Plc BCS, and Mizuho Financial Group MFG, according to the report.
Last month, Arm rebuffed calls from the United Kingdom government’s calls for a dual listing in the company’s home market and instead opted for a single U.S. listing.
U.S. chip giant Nvidia Corporation NVDA abandoned acquiring Arm last year after the deal saw fierce opposition from regulators and customers.
Price Action: On Friday, SoftBank OTC shares closed 0.2% higher at $18.70, according to Benzinga Pro data.