SoftBank’s Arm aims to raise $8 billion in IPO – source

By Echo Wang and Anirban Sen

NEW YORK, March 5 (Reuters) – Arm Ltd, the British chip designer owned by Japan’s SoftBank Group Corp, is likely to aim to raise at least $8 billion in what is expected to be a successful U.S. IPO. this year, sources familiar with the matter said on Sunday.

Arm is expected to file a confidential filing for its IPO in late April, said the sources, who spoke on condition of anonymity because the talks are confidential. The IPO is expected to take place later this year, although the exact timing will be determined by market conditions, the sources added.

SoftBank has chosen four investment banks to lead what is expected to be the most notorious IPO in years. Goldman Sachs Group Inc, JPMorgan Chase & Co, Barclays and Mizuho Financial Group are expected to be lead underwriters in the deal, the sources said, adding that no bank has yet been chosen to lead the deal.

The Australian Financial Review newspaper reported on the major banks on Sunday morning.

Preparations for the IPO are expected to kick off in the United States in the coming days, the sources say. The valuation range for the deal has yet to be finalized, but Cambridge-based Arm expects the sale of its shares to be valued at more than $50 billion, sources said.

Barclays, JPMorgan and SoftBank did not immediately respond to requests for comment. Arm, Goldman Sachs and Mizuho declined to comment.

(Reporting by Echo Wang and Anirban Sen in New York; editing by Will Dunham; editing in Spanish by Darío Fernández)