© Reuters. FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – SoftBank (TYO:)’s chip designer Arm Holdings is set to debut on the Nasdaq on Thursday, in what is expected to be the biggest test for the U.S. IPO market after a drought that lasted for nearly 16 months.
Arm priced its offering of 95.5 million American Depositary shares at $51 apiece, fetching $4.87 billion for SoftBank at a valuation of $54.5 billion, with participation from cornerstone investors including Apple (NASDAQ:), Intel (NASDAQ:) and Alphabet (NASDAQ:). Hopes of a revival in the IPO market largely depend on the success of the high-profile listings of Arm and other marquee startups, including grocery delivery firm Instacart and marketing firm Klaviyo.
Barclays, Goldman Sachs, JPMorgan Chase (NYSE:) and Mizuho Financial Group are the lead underwriters.
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