Stock Market News
Exclusive-SoftBank’s Arm prices IPO at $51 per share-sources
2023.09.13 18:21
© Reuters. FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
By Echo Wang and Anirban Sen
NEW YORK (Reuters) – SoftBank (TYO:) Group Corp’s chip designer Arm Holdings Plc priced its U.S. initial public offering (IPO) at $51 per share on Wednesday afternoon at the top end of its indicated price range, people familiar with the matter said.
The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian (NASDAQ:) Automotive Inc in 2021.
The sources requested anonymity ahead of an official announcement. Arm did not immediately respond to a request for comment.
