(Reuters) – Arm, the British chip designer owned by Japan’s SoftBank Group, on Monday disclosed its financial details in a filing with the U.S. Securities and Exchange Commission for an initial public offering.
The company, whose chip technology powers most of smartphones including iPhones, did not reveal the number of shares it was selling and the pricing of its offering.
SoftBank is reportedly chasing a valuation of between $60 billion and $70 billion for the company in the IPO, which is expected in September.
It had earlier sought to raise between $8 billion to $10 billion through the listing, but sources said the amount dropped last week after it took a 25% stake in Arm it did not directly own from its Saudi-backed Vision Fund.
Arm said it expects to list on the Nasdaq and trade under the ticker symbol ‘ARM’.
(Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Editing by Arun Koyyur and Maju Samuel)
