There’s no sign of Morgan Stanley in Arm Ltd.’s draft filing for its initial public offering, a rare event for a bank that’s often a lead adviser on landmark technology IPOs.
Chip designer Arm is expected to file for its IPO publicly as early as Monday, Bloomberg News has reported. The listing, planned for September, is on track to be the year’s largest and could be one of the biggest tech listings ever on a US exchange.
Arm lined up a roster of 28 banks that include some of Wall Street’s biggest: Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. are in top roles, while Bank of America Corp. and Citigroup Inc. snagged more minor positions. Arm, taking a page from Alibaba Group Holding Ltd.’s landmark listing almost a decade ago, is splitting underwriter fees evenly among the four banks leading its IPO.
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