ARM’s IPO is expected to be one of the largest IPO deals in the U.S. in the past decade, people familiar with the matter said Sunday.
ARM said last week it would only seek a separate U.S. listing this year, dashing hopes that the British government would want the tech giant to return to the London Stock Exchange.
SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock listing deal in recent years. Goldman Sachs, JPMorgan Chase, Barclays and Mizuho Financial Group are expected to be the lead underwriters for ARM’s IPO, but no bank has yet been selected for the coveted role of “lead manager” (lead left), people familiar with the matter said.
Sources close to the matter said ARM is expected to launch IPO preparations in the US in the next few days, with a valuation range yet to be finalized, but ARM is hoping for a valuation in excess of $50 billion during the share sale.
ARM, Goldman Sachs and Mizuho Financial Group were not available for comment. SoftBank, JPMorgan Chase and Barclays have not yet responded to requests for comment.
