FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
NEW YORK (Reuters) - SoftBank Group Corp's chip designer Arm Holdings Plc priced its U.S. initial public offering (IPO) at $51 per share on Wednesday afternoon at the top end of its indicated price range, people familiar with the matter said.
The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc in 2021.
The sources requested anonymity ahead of an official announcement. Arm did not immediately respond to a request for comment.
(Reporting by Echo Wang and Anirban Sen in New York; Editing by Greg Roumeliotis)
