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SoftBank-Backed Arm Prices IPO at $51 a Share
-- Arm Holdings Plc priced its initial public offering at the top end of its range to raise $4.87 billion in the largest listing of the year, one that could give a major lift to long-suffering equity markets.While Arm had previously aimed to raise $8 billion to $10 billion, that target was lowered at least in part because SoftBank decided to buy the roughly 25% stake held by its Vision Fund and then hold onto a larger portion of the shares in the company. After the IPO, SoftBank will still control about 90% of the company’s shares, Arm said in its filings with the US Securities and Exchange Commission.The offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. Raine Securities LLC is also acting as financial adviser in connection with the IPO.
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