Morrison Foerster, Davis Polk & Wardwell, and Sullivan & Cromwell have been mandated to counsel on the initial public offering (IPO) for SoftBank Group-owned chip designer Arm on Nasdaq Exchange. This IPO is anticipated as the largest of the year. SoftBank’s Arm, a U.K. based chip designer, has filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) for an IPO on Nasdaq commencing early next month.
Although the pricing and share sale details have not been disclosed in the filing, it is understood from previous reports by Reuters that Arm is planning to sell about 10% of its shares in the IPO, with a valuation estimated between $60 billion and $70 billion. For more detailed information, read the full article on Law.com.