Arm, a subsidiary of SoftBank, targets a valuation of $52 billion in largest US IPO of 2021.

(Reuters) -SoftBank Group’s Arm is seeking ⁢a valuation of more than $52 billion in its initial public offering as the chip designer ⁣heads for the biggest stock market flotation of the year.

SoftBank‍ is offering 95.5 million American depository​ shares of​ the Cambridge, United Kingdom-based company for‍ $47 to‌ $51 apiece and aims to raise up to $4.87‌ billion at the top of the​ range, a regulatory filing showed on Tuesday.‌

Its recent deal to acquire the⁢ 25% stake in Arm that ​it did not already own from its Vision Fund unit had valued the company ⁣at $64 billion.

The Japanese conglomerate will own 90.6% of ​Arm’s ordinary shares after the ‍offering closes, the company said in a ​filing.⁢

Arm’s return to the public markets will be ‌a milestone for SoftBank, as it ‌taps several marquee technology⁢ names as investors ​in the company whose designs power more than 99% of the‌ world’s smartphones.

The listing is expected‌ to buoy the IPO market globally and fuel⁤ other startups to move ahead with their offerings as Arm’s success‌ signals the return of investor ‍appetite for high-growth technology companies.

Reuters first reported on SoftBank’s proposed price range for the IPO on Saturday. Sources also said it⁣ could possibly raise this range before the IPO prices, should investor demand prove strong.

Arm has signed up many of‌ its major clients as investors in its IPO, Reuters ​reported on Friday, including Apple, Nvidia, Alphabet, Advanced Micro Devices, Intel and Samsung Electronics.

SoftBank’s current range reflects‌ a drop in valuation for Arm from ‍last month’s Vision Fund deal, but the⁤ interest ⁢in the ⁣IPO remains robust, fueled ⁣by a desire of its clients to ⁣expand their commercial relationship with Arm ⁤and make sure rivals do not gain an edge, Reuters has previously reported.

Arm, whose ⁤impressive client roster ⁤includes the world’s biggest tech‍ giants,‌ generates a big share of its revenue through royalty fees based on either the average⁤ selling price of the ⁤customer’s​ Arm-based chip or a⁣ fixed fee per chip.

For the year ended⁤ March 31, Arm’s sales fell to $2.68 billion,​ hurt mainly by a slump in global smartphone shipments.

Barclays, Goldman ‍Sachs,⁢ JPMorgan ‍Chase, ‌and Mizuho Financial Group are the ⁣lead underwriters for the offering.

Arm, which has tapped a total of 28 banks for⁤ the IPO, has not picked a traditional “lead left” bank and will split underwriter fees evenly among the top four‍ banks.

Arm expects‍ to trade on the Nasdaq Global Select Market ⁢under the symbol “ARM”.

(Reporting by ​Manya ‍Saini in Bengaluru; Editing by⁣ Arun ‍Koyyur)

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