SoftBank's Arm confidentially files for massive IPO

By Mike Murphy

Arm Ltd., the British chip maker owned by Japan's SoftBank Group Corp., confidentially filed for its long-awaited initial public offering over the weekend.

Arm said Saturday that it submitted a draft registration statement for its IPO with the U.S. Securities and Exchange Commission, but did not reveal its size or price range.

Reuters reported that Arm will list on the Nasdaq, and is seeking to raise between $8 billion and $10 billion, which would make it the biggest IPO so far this year. Reports of the IPO plans first emerged in March.

ARM's listing would give a significant boost to the IPO market on Wall Street, after a moribund 2022.

SoftBank bought Arm in 2016 for about $32 billion, and announced its intention to pursue an IPO after Nvidia called off a $40 billion acquisition in February 2022.

Tokyo-traded shares of SoftBank Group Corp. are down nearly 10% year to date, and down 3.3% over the past 12 months.

-Mike Murphy

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05-01-23 0758ET

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