Chip designer Arm seeking to raise $4.9bn in NY listing

(Sharecast News) - Chip designer Arm is looking to raise up to $4.87bn for owner Softbank in a New York listing. In a regulatory filing on Tuesday, Japan's Softbank said it was aiming for a market value of up to $52bn, which is down from the $64bn it had initially expected.

It will offer 95.5m American depository shares in Arm at between $47 and $51 each.

Softbank said cornerstone investors, including Advanced Micro Devices, Apple, Google, Nvidia, Samsung, Intel and TSMC have indicated they plan to buy up to $735mn worth of Arm shares at the IPO price.

SoftBank expects to own around 90.6% of the outstanding ordinary shares following completion of the offering.