https://www.theregister.com/2023/09/14/arm_ipo/

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[systems]

Systems

14 comment bubble on white

Arm IPO kicks off today with CPU slinger valued at $54.5B

14 comment bubble on white

British chip designer to trade on Nasdaq only

icon Dan Robinson
Thu 14 Sep 2023 // 13:28 UTC
#
   
  

The long anticipated Arm flotation is set to kick off today with
shares being offered to the public at $51 apiece, putting a value on
the company of $54.5 billion.

Britain's chip design and licensing outfit said in a statement that
its shares are expected to begin trading on the Nasdaq Global Select
Market in New York on September 14 under the symbol ARM.

There has already been huge interest in this IPO, which resulted in
Arm closing orders for shares a day earlier than planned this week
due to its stock being more than five times oversubscribed, according
to the Financial Times. This interest could push the share price
higher than the initial $51 once trading begins.

[systems]

At this price, the IPO is reportedly set to raise about $4.9 billion
for Arm's parent company, Softbank, which is less than the $8-$10
billion the Japanese investment outfit had previously said it hoped
to generate. Softbank itself posted a record $39 billion loss earlier
this year.

[systems]
[systems]

Arm will continue to remain under the control of Softbank after the
stock sell off, however, as reported by The Register earlier this
year when the chip designer first filed for its public listing.
Softbank issued a statement saying that: "SBG (Softbank) intends that
Arm will continue to be a consolidated subsidiary of SBG following
the completion of the proposed initial public offering."

The valuation of Arm at $54.5 billion is also lower than the $60-$70
billion that Softbank was said to be aiming for, a figure based on
the estimated value of the proposed sale of Arm to GPU maker Nvidia
at the time the deal fell through last year. It is still likely to
make it the largest IPO in the US this year, however.

[systems]

That proposed sale fell through due to the "significant regulatory
challenges" it faced from authorities in various countries, as well
as opposition from other tech companies who feared that Nvidia might
limit access to Arm technology for other licensees.

The IPO has instead generally met with broad approval, with many big
names in the industry such as Apple, Samsung, and Intel stepping up
to take a sizable stake in the Brit chip company.

  * Financial red tape blamed for London losing Arm IPO
  * Arm files for IPO - and SoftBank will retain control
  * Lightning struck: Apple switches to USB-C for iPhone 15 lineup
  * Linux on the Arm-based Thinkpad X13S: It's getting there

This is one reason why the UK government was hopeful that the IPO
might be a dual-listing, with Arm shares going up for sale on the
London stock exchange as well as New York. Those hopes were dashed
earlier this year, when the company confirmed it would list only in
the US, blamed by some on financial red tape.

According to Nikkei Asia, the IPO has four lead underwriters,
comprising Barclays, Goldman Sachs, JP Morgan, and Mizuho USA. There
is also a second tier of banks, including Bank of America and
Citigroup. (r)

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