FILE PHOTO – The Arm Ltd logo and a US flag can be seen in this photo taken on March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo acquire license rights
Aug 21 (Reuters) – Arm, the British chip developer owned by Japan’s SoftBank Group (9984.T), on Monday announced its financial figures in a filing with the US Securities and Exchange Commission for an initial public offering.
The company, whose chip technology powers most smartphones including iPhones, did not disclose the number of shares sold or the price of its offering.
SoftBank is reportedly targeting a valuation of between $60 billion and $70 billion at the IPO, which is expected in September.
The company had previously attempted to raise between $8 billion and $10 billion by listing. But sources said the amount dropped last week after the company acquired a 25 percent stake in Arm it didn’t directly own from its Saudi-backed Vision Fund.
Arm said it expects to be listed on the Nasdaq and trade under the ticker symbol ARM.
Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Edited by Arun Koyyur and Maju Samuel
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