Arm plans to price its initial public offering at between $47 and $51 per share, according to an updated filing on Tuesday, raising up to $4.9bn for its current owner SoftBank and valuing the UK-based chip designer at up to $52bn.
Cornerstone investors including Apple, Google, Nvidia, Intel and TSMC have indicated they plan to purchase up to $735mn worth of Arm shares at the IPO price, the company said.
SoftBank paid $32bn to acquire Arm in 2016 but its latest target is below the $64bn valuation implied less than a month ago in a transaction with its own Vision Fund, the $100bn Saudi-backed investment vehicle that the Japanese conglomerate manages.
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