Arm files IPO, set to trade on Nasdaq
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Arm Holdings, the British chip design unit owned by Japanese tech conglomerate SoftBank (OTCPK:SFTBY), filed for an initial public offering on Monday, with the firm looking to go public on the Nasdaq.
Arm, which said it will trade under the symbol "ARM," generated $2.68B in revenue in fiscal 2023, down from $2.7B in fiscal 2022.
Net income in its most recent fiscal year came in at $524M, down from $549M in the year ago period. It had $2.2B in cash and cash equivalents at the end of fiscal 2023, up from $1.64B in fiscal 2022.
Arm has spoken to a number of major tech companies about being anchor investors, including Intel (INTC), Alphabet (GOOGL), Apple (AAPL), Microsoft (MSFT), Taiwan Semiconductor (TSM), and Samsung Electronics (OTCPK:SSNLF) about participating in the IPO.
The company has also spoken to Nvidia (NVDA) and Amazon (AMZN) about participating in the offering.
In February 2022, Nvidia (NVDA) abandoned its deal to acquire Arm for approximately $40B due to pressure from global regulators and other semiconductor companies.
Investment banks leading the offering include Goldman Sachs (GS), J.P. Morgan (JPM), Barclays (BCS) and Mizuho Financial. In total, 29 investment banks are listed in the S-1 filing.
Arm CEO Rene Haas said in February that the semiconductor design company was "committed" to having an IPO this year.
Arm was purchased by SoftBank (OTCPK:SFTBY) in 2016 for $32B.

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