British chip designer is expected to launch later this year
Arm Ltd, the British chip designer owned by Japan’s SoftBank Group Corp, is likely to aim to raise at least $8 billion from what is expected to be a blockbuster U.S. stock market launch this year, people familiar with the matter said on Sunday.
SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock market flotation in recent years. Goldman Sachs Group Inc, JPMorgan Chase & Co, Barclays and Mizuho Financial Group are expected to be the lead underwriters for the deal, the sources said, adding that no bank has been picked for the much-coveted “lead left” position yet.The preparations for the IPO are expected to be kick-started in the U.S. in the coming days, the sources said.
A successful listing for Arm this year would provide a boost to the IPO market, which has been largely frozen since Russia’s invasion of Ukraine in February 2022 triggered market volatility and a huge sell-off in tech stocks. IPO advisors are not expecting a full-blown recovery in capital markets until the latter half of this year.
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