For
its
return
to
the
stock
market,
Arm
Holdings
preferred
to
play
it
safe.
The
British
company,
which
specialises
in
chip
design
and
undisputed
leader
in
the
smartphone
market,
finally
achieved
a
listing
price
of
$51,
at
the
top
of
the
indicated
range
($47
to
$51)
for
its
listing
on
the
Nasdaq,
since
its
acquisition
in
2016
by
the
Japanese
Softbank.
At
this
price,
the
company
is
worth
$54.5
billion,
or
20.2
times
its
2023
turnover,
a
particularly
high
level
of
valuation.
According
to
the
Wall
Street
Journal,
the
company
once
considered
offering
its
securities
at
$52
before
finally
settling
on
a
slightly
lower
price.
Softbank
is
placing
95.5
million
shares,
or
around
10%
of
the
capital,
and
plans
to
retain
its
securities.
With
an
extraordinary
banking
syndicate
for
an
operation
of
this
size
(30
banks
are
cited
on
the
IPO
prospectus
to
place
$5
billion
dollars
on
the
market),
the
participation
of
heavyweights
of
the
semiconductor
industry
seems
to
ensure
the
success
of
the
flotation.
RM’s
IPO
will
be
the
largest
of
the
year,
in
a
context
marked
by
growing
economic
uncertainty,
high
interest
rates
and
a
rather
moribund
IPO
market.
Before
the
IPO,
Softbank
had
bought
25%
of
Arm’s
capital
for
$16
billion
from
the
Vision
Fund,
its
investment
fund
specialising
in
technology
stocks,
giving
the
chip
designer
a
valuation
of
$64
billion.
Arm’s
several
large
customers,
including
NVIDIA,
Samsung
Electronics,
Apple,
Advanced
Micro
Devices
and
TSMC,
decided
to
purchase
shares
totaling
$735
million
in
the
IPO.
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