Arm Holdings, the UK's leading technology firm, has secured a valuation of US$54.5 billion in its initial public offering (IPO).
The Cambridge-based company set its share price at US$51, the upper limit of its range, thereby raising US$4.87 billion for SoftBank through the sale of 95.5 million shares.
Trading under the symbol ARM, the stock is set to debut on the New York Stock Exchange on Thursday.
Although the IPO valuation is less than the US$64 billion at which SoftBank acquired a remaining 25% stake last month, it marks the largest flotation since Rivian Automotive in 2021.
Major clients like Apple, Nvidia, Alphabet, Advanced Micro Devices, Intel and Samsung Electronics (KRX:005930) have already committed as cornerstone investors.
SoftBank, which purchased Arm for US$32 billion in 2016, had previously attempted a US$40 billion sale to Nvidia, which fell through due to competition concerns. Founded over 30 years ago, Arm specialises in microchip blueprints and licenses these to companies such as Apple and Nvidia. It employs 5,963 people, with 2,785 based in the UK.
Despite stagnant revenue due to weak mobile demand, Arm aims to capitalise on the cloud computing market, expected to grow 17% annually by 2025.