SoftBank (SFTBY.US) hires 28 underwriters for Arm's IPO.

According to insiders, Arm, the chip design company owned by SoftBank Group, has finalized the list of underwriters for its upcoming initial public offering (IPO), with a total of 28 banks participating. Insiders said that in addition to the four main underwriters, Barclays, Goldman Sachs, JPMorgan, and Mizuho Financial, there will also be 10 secondary underwriters, including Bank of America, Citigroup, Deutsche Bank, and Jefferies. Insiders also revealed that the third-tier underwriters consist of 14 securities firms, such as Nomura Holdings, HSBC Holdings, Intesa Sanpaolo SpA, and French Industrial Bank. It was previously reported that Arm plans to conduct its IPO as early as September, with a valuation between $60 billion and $70 billion. Insiders said that roadshows are scheduled to start in the first week of September, followed by pricing in the second week. An insider said that Arm's executives may still be aiming for a valuation as high as $80 billion, but achieving this goal is uncertain. Arm is currently negotiating with potential strategic investors, including Intel and Nvidia, in order to complete its largest IPO of the year. Insiders said that Arm is in talks with at least 10 companies, in addition to Intel and Nvidia, including Google's parent company, Alphabet, Apple, Microsoft, TSMC, and Samsung Electronics.