(Reuters) – Arm Holdings secured a $54.5 billion valuation in its U.S. initial public offering (IPO) on Wednesday, seven years after its owner SoftBank Group took the chip designer private for $32 billion.
The Japanese investment giant sold 95.5 million American Depositary shares of Arm at $51 apiece to raise $4.87 billion in the listing.
Last month, SoftBank signed a deal to buy the 25% stake it did not already own in Arm from its $100 billion Vision Fund, enabling it to sell fewer Arm shares in the IPO.
Below is a timeline of key events:
Date Development
July 17, 2016 SoftBank says it will buy Arm for $32
billion in cash, taking it private
June 17, 2019 Nvidia says it will make its chips work
with processors from Arm to build
supercomputers
July 22, 2020 Arm gathers takeover interest from
Nvidia, Bloomberg reports
Sept 12, 2020 Nvidia nears a deal to buy Arm from
SoftBank for more than $40 billion,
sources tell Reuters
Sept 13, 2020 Nvidia says it will buy Arm from SoftBank
for as much as $40 billion
Sept 14, 2020 British government says it will
scrutinize Nvidia’s deal to buy Arm,
including what it might mean for the
company’s headquarters in England
Sept 15, 2020 An op-ed in China’s state-backed Global
Times says Nvidia’s planned acquisition
of Arm from SoftBank was “disturbing”
Sept 21, 2020 Britain’s digital minister says assessing
the impact of the sale of Arm, including
commitments to keep its head office and
staff in Cambridge
Jan 6, 2021 Britain’s competition regulator says it
would start an investigation into
Nvidia’s deal to buy Arm
Feb 12, 2021 The U.S. Federal Trade Commission opens
an in-depth probe into Nvidia’s
agreement to acquire Arm, Bloomberg
reports
April 19, 2021 The UK government says it will look into
the national security implications of
Nvidia’s purchase of Arm
July 2, 2021 Arm CEO says deal with Nvidia is better
than becoming a standalone public company
once again
Aug 3, 2021 The UK government is considering blocking
the acquisition of Arm on potential
national security risks, Bloomberg News
reports
Aug 20, 2021 Nvidia deal for Arm hits a major hurdle
after a UK regulator finds it could
damage competition and weaken rivals, and
requires a further lengthy investigation
Aug 27, 2021 European Union is set to launch a formal
competition probe into Nvidia’s planned
takeover of Arm in early September, the
Financial Times reports
Oct 27, 2021 EU antitrust regulators open a four-month
long investigation into Nvidia’s bid for
Arm
Nov 16, 2021 Britain orders an in-depth investigation
of Nvidia’s deal for Arm
Dec 2, 2021 The U.S. FTC sues to block Nvidia’s deal
for Arm
Dec 6, 2021 U.S. FTC says competition in the nascent
markets for chips in self-driving cars
and a new category of networking chips
could be hurt if Nvidia carries out its
purchase of Arm
Feb 7, 2022 SoftBank shelves its blockbuster sale of
Arm to Nvidia, citing regulatory hurdles,
and will instead seek to list the company
June 22, 2022 British PM Boris Johnson’s spokesman says
he was not aware of any plans to try to
compel Arm to list in London after the
Financial Times reported that officials
were considering such a move
June 24, 2022 SoftBank founder and CEO Masayoshi Son
reiterates it was most likely to list Arm
on Nasdaq, while stressing no decision
has been made
March 5, 2023 Arm likely to aim to raise at least $8
billion from what is expected to be a
blockbuster U.S. stock market launch this
year, sources tell Reuters
April 29, 2023 Reuters first reports, citing sources,
Arm has filed with regulators
confidentially for a U.S. stock market
listing
June 12, 2023 Arm is in talks with some of its biggest
customers and end-users about bringing on
one or more anchor investors, sources
tell Reuters.
Aug 8, 2023 Apple and Samsung Electronics will invest
in Arm at its IPO, expected in September,
Japan’s Nikkei newspaper reports
Aug 8, 2023 Reuters first reports Amazon.com is in
talks about joining other technology
companies as a cornerstone investor in
IPO
Aug 13, 2023 Reuters first reports SoftBank is in
talks to acquire the 25% stake in Arm it
does not directly own from Vision Fund 1
(VF1)
Aug 22, 2023 Arm’s annual revenue dropped 1% due to a
slowdown in smartphone sales, it
discloses in its paperwork for a U.S. IPO
Aug 23, 2023 Reuters first reports Arm has signed up
28 banks for its IPO without giving them
a fee arrangement
Aug 31, 2023 Arm plans to launch its roadshow for
investors after Labor Day, sources tell
Reuters
Sept 1, 2023 Reuters first reports customers of Arm
including Apple, Nvidia, Alphabet and
Advanced Micro Devices have agreed to
invest in IPO
Sept 1, 2023 Arm is targeting a valuation between $50
billion and $55 billion for its
much-awaited IPO, sources tell Reuters
Sept 2, 2023 Reuters first reports Arm is planning to
ask investors to pay $47 to $51 for each
of its shares when it begins marketing
its IPO
Sept 5, 2023 SoftBank launches the roadshow for Arm’s
blockbuster IPO
Sept 8, 2023 Arm sees investor demand that is six
times the amount it is asking for its
shares, a source tells Reuters
Sept 10, 2023 Reuters first reports Arm is getting
close to securing enough investor support
to attain the fully diluted valuation of
$54.5 billion it was seeking in its IPO
at the top of its indicated range, and is
considering asking investors to value it
higher
Sept 12, 2023 Reuters first reports Arm received enough
backing from investors to secure at least
the top end of the price range in its
IPO, which would command a $54.5 billion
fully diluted valuation
Sept 13, 2023 Reuters first reports Arm has priced its
IPO at $51 apiece to raise $4.87 billion
Sept 13, 2023 Arm secures a $54.5 billion valuation in
its IPO
(Reporting by Manya Saini in Bengaluru; Editing by Janane Venkatraman and Maju Samuel)
