SoftBank-owned chip designer Arm has started the countdown to the biggest US initial public offering in almost two years, unveiling a preliminary prospectus for a Nasdaq listing that is set to take place early next month.
Arm is on track to be the most valuable company to complete a US IPO since at least November 2021, when electric-car maker Rivian listed with an initial market capitalisation of $70bn.
SoftBank, led by Masayoshi Son, acquired UK-based Arm for $32bn in 2016. Monday’s filing confirmed that an internal transaction earlier this month between SoftBank Group and its Vision Fund — an investment vehicle that the Japanese conglomerate manages — valued Arm at $64bn.