Arm Holdings Ltd, the SoftBank (TYO:9984) Group Corp-owned chip designer, kicked off its marketing roadshow in Baltimore on Tuesday, marking the commencement of the run-up to its highly anticipated initial public offering (IPO). The city was chosen as the starting point due to the presence of T. Rowe Price's headquarters there, highlighting the fund manager's importance as a potential investor.
The company announced earlier on Tuesday that it aims to raise approximately $4.9 billion from its IPO, which would value the firm at over $52 billion. If achieved, this would make it the largest stock market flotation of 2023.
In addition to T. Rowe Price, Arm also held meetings with other potential investors on Tuesday, including Arlington, Virginia-based Sands Capital. The company plans to meet with more investors in various cities, such as New York, leading up to the pricing of its IPO scheduled for September 13.
Many of Arm's major clients have already committed to investing in the IPO. These include tech giants like Apple (NASDAQ:AAPL), Nvidia (NASDAQ:NVDA), Alphabet (NASDAQ:GOOGL), Advanced Micro Devices (NASDAQ:AMD), Intel (NASDAQ:INTC) and Samsung Electronics (KS:005930). Furthermore, Arm disclosed that cornerstone investors have separately indicated an interest in purchasing a combined total of $735 million worth of the American Depositary Shares (ADS) being sold through the IPO.
While Arm declined to comment on these developments, T. Rowe Price and Sands Capital have yet to respond to requests for comments. The roadshow is expected to underscore the significance of these fund managers and other potential investors in ensuring a successful flotation for Arm Holdings.
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