In the largest IPO of 2023, Arm Holdings (Arm) completed its $5.23 billion initial public offering of American depositary shares (ADSs) and listing on the Nasdaq Global Select Market. The transaction values Arm, which is a subsidiary of SoftBank Group (SoftBank), at approximately $54.5 billion. The IPO generated approximately $5.12 billion in proceeds to SoftBank as the selling shareholder of all ADSs sold in the offering.
Arm’s IPO was upsized from $4.87 billion following the exercise of the greenshoe in full by the underwriters. Following the offering, SoftBank continues to beneficially own approximately 89.9% of Arm’s outstanding shares.
Established in 1990, Arm is the world’s leading semiconductor and software design company, whose technology is used in over 99 percent of all smartphones. Use of Arm-based products spans an estimated 70 percent of the global population, from the smallest of sensors to the world’s most advanced supercomputers.
The S&C team that advised SoftBank as selling shareholder included Keiji Hatano, Robert DeLaMater, Sarah Payne, Vanessa Blackmore, Juan Rodriguez, John Horsfield-Bradbury, John Estes and Dalia Blass.
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