British chipmaker Arm is seeking to raise $4.8 billion in an initial public offering (IPO), half the amount it had planned. Even with Arm’s IPO at the lower end of the price range, this will be the biggest IPO of the year.
British microprocessor maker Arm has halved its IPO fundraising. During the initial public offering, the company expects to raise $4.8 billion instead of $8-10 billion, Bloomberg reported, citing documents filed with the Securities and Exchange Commission.
The amount fell after Arm’s owner, Japanese group Softbank, decided to buy a 25% stake in Arm from Vision Fund, thus leaving 90% of the chipmaker under its control.
Arm is preparing to list 95.5 million depository shares on Nasdaq at $47-51 each. Even if it sits at the lower end of the price range, Arm’s IPO will be its biggest in 2023.
Author:
Kirill Bilyk
Source: RB
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