(Bloomberg) — Arm Ltd. of SoftBank Group Corp. is aiming to raise at least $8 billion in a U.S. IPO, Reuters reported.
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The British chip designer is expected to confidentially file documents for its IPO at the end of April, with the listing expected later this year, the news agency said, citing unidentified people familiar with the matter. According to the report, the exact timing will be determined by market conditions.
The reported size of the listing would make Arm one of the largest IPOs in the US in the last decade. Bankers had suggested a valuation of between $30 billion and $70 billion for the listing, Bloomberg reported last week, a wide range that underscores the challenges valuing the company amid volatile semiconductor stock prices.
Read more: Bankers Pitch Arm IPO at a valuation of $30 billion to $70 billion
Arm, whose technology is found in most of the world’s smartphones and is gaining ground in the electronics industry, last week confirmed plans to list exclusively in the US and rejected calls from the UK government to dual-list in its home market.
Tokyo-based SoftBank spent $32 billion to buy the company in 2016. At the time, she promised UK regulators that she would create more jobs there and not relocate her headquarters.
According to Reuters, Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Mizuho Financial Group Inc. are expected to be the lead underwriters for the IPO. Barclays, JPMorgan and SoftBank did not immediately respond to Reuters requests for comment, while Arm, Goldman and Mizuho declined to comment to the news agency.
(Updates with more details from the report.)
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