New UK government to push Softbank to listing arm IPO in UK – SoftBank Group (OTC:SFTBF), SoftBank Group (OTC:SFTBY)

• New British Prime Minister Liz Truss and Chancellor Kwasi Kwarteng were preparing to launch a final charm offensive to convince Japan Softbank Group Corp SFTBY to list British tech company Arm in the UK, reports the Financial Times.
• The government wants to push for high-level talks with SoftBank executives after the Queen’s official mourning period ends next week.
• Softbank has previously expressed a desire to list Arm in the US
• Also read: Intel lowers rating on Mobileye’s IPO as chipmakers trim outlook citing uncertain macro environment
• However, Softbank executives were exploring the possibility of a rare dual listing in order to have a base on both sides of the Atlantic.
• The dual listing implied that Arm could be included in both markets, which could increase the number of funds that could invest in the company and quickly add it to the FTSE 100.
• Still, the US has been its main attraction due to its much higher valuations. London has been criticized for being unattractive to fast-growing companies given the potential for higher valuations and deeper pools of investor money in the US
• The Truss government saw the chance to win at least part of Softbank’s IPO as a “big and quick win” to demonstrate its seriousness to London.
• Talks between the government and Softbank collapsed over the summer after the departure of Boris Johnson, who personally helped introduce London to the Japanese company.
• Softbank then decided to list Arm Nvidia Corp NVDA The deal fell through due to fierce opposition from regulators and customers.
• Nvidia reportedly built its latest data center processor Grace using Arms Neoverse V2 design of next-generation data center chip technology.
• Photo via Wikimedia Commons

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.