SoftBank Group to gain $5.12 billion proceeds from Arm IPO

TOKYO, Sep 20 (Kyodo) - SoftBank Group Corp said Tuesday that it will receive $5.12 billion in proceeds from the initial public offering of Arm Holdings Plc, a British chip designer under the Japanese conglomerate, by the end of September.

Arm, whose chips power most of the world's smartphones, debuted on the U.S. Nasdaq stock exchange last Thursday in the largest U.S. IPO this year, shooting its market capitalization to over $65 billion.

The share sale is widely considered a success, given its first trading day's closing price of $63.59, some 25 percent above its IPO price of $51, reflecting investors' excitement over recent technological advances in artificial intelligence and Arm's increased role in supporting them. ...continue reading