SoftBank Group’s UK chips arm, Arm, has compiled a list of underwriters for its IPO, with a total of 28 banks involved in the deal, according to sources.
In addition to four main lenders – Barclays, Goldman Sachs Group, JP Morgan Chase and Mizuho Financial Group – the offering will include 10 secondary banks including Bank of America, Citigroup, Deutsche Bank and Jefferies Financial Group, the sources said.
A third tier consists of a diverse group of 14 securities firms including Daiwa Securities Group, HSBC Holdings, Intesa Sanpaolo and Societe Generale.
A representative for Arm, which is majority-owned by SoftBank Group, declined to comment.
Bloomberg News reported that the Cambridge-based chipmaker is looking to raise $8 billion to $10 billion in September’s biggest IPO of the year.
The company is targeting a $60 billion to $70 billion IPO.
The length of the lineup reflects Arm’s global reach, which makes technology used in nearly every smartphone, and lenders’ eagerness to land roles in major IPOs.
About 25 banks were also involved in the record IPO of the Saudi oil company Aramco in 2019. Due to the muted period of new listings around the world, it is even more important for investment banks in 2023 to ensure work on large transactions.
Updated August 18, 2023 9:01 am
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