SoftBank Group to gain $5.12 bil. proceeds from blockbuster Arm IPO
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 ...