SoftBank-backed chip firm Arm to list on Nasdaq in over $60 bil. IPO

Kyodo -- Aug 22

SoftBank Group Corp.-backed British chip designer Arm said Monday it has filed to list its shares on the U.S. Nasdaq stock exchange, with its market capitalization estimated to exceed $60 billion in what could be the largest initial public offering this year.

The chip giant, whose technology powers most smartphones worldwide, is expected to go public in September, people familiar with the matter said, although it did not specify the timing of the listing or the offer price. SoftBank will continue to hold the majority of its shares.

The listing will supply the Japanese investment giant with much-needed funds to go on an offensive in a hunt for artificial intelligence-related start-ups after posting massive losses in the past few years. ...continue reading