As it awaits its return to the public market, UK-based chip manufacturer Arm Holdings has obtained a $54.5 billion (£43.6 billion) valuation. Priced at $51 per share, the shares are at the top of the range that was previously disclosed to potential investors. The sale now ranks as the year’s largest initial public offering (IPO). On Thursday, trading in Arm shares is expected to begin on the New York Nasdaq stock market. According to the corporation, $4.87 billion worth of shares were sold, raising money for its Japanese owner SoftBank Group.
Customers of Arm who have expressed interest in investing in the IPO include Apple, Google, Nvidia, Alphabet, Advanced Micro Devices, Intel, and Samsung. Arm stated in March that it would not list its shares in the UK, dealing the London stock market a setback. According to reports, Prime Minister Rishi Sunak reportedly spoke with SoftBank about a prospective UK IPO in January. According to Arm, listing the business just in the US was “the best course of action.”
Technology News UK quoted Hermann Hauser, who worked on the first Arm processor’s development, as saying that the UK’s decision to leave the EU was partially to blame for the shares being listed in the US rather than the UK because it had a negative impact on the reputation of the London Stock Exchange.
Arm, a leading name in British technology, believes that 70% of people worldwide use goods that rely on its chips, including almost all smartphones.
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