Finance History|Nasdaq MarketSite — Fifty-One Dollars for Ninety-Five Point Five Million ADSs Called ARM
· 2023-9
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Finance History|Nasdaq MarketSite — Fifty-One Dollars for Ninety-Five Point Five Million ADSs Called ARM
kevin
People treat Arm as a Cambridge design house that always printed ARM on a mature Nasdaq book.
The 2023 tape was a second public life. SoftBank had taken the company private in 2016.
Arm Holdings plc priced 95,500,000 American depositary shares at 51.00 U.S. dollars each on 13 September 2023. Each ADS represented one ordinary share.
The company's own 13 September release recorded that price, that size, and a planned first trade on the Nasdaq Global Select Market under the letters ARM the next morning.
The selling shareholder was a SoftBank subsidiary. Reuters put the implied valuation at about 54.5 billion U.S. dollars in 2023 currency, below the 64 billion figure SoftBank had used when it bought the remaining Vision Fund stake.
Gross proceeds on the base deal were about 4.87 billion U.S. dollars, paid to the selling shareholder rather than to Arm's treasury.
Trading opened 14 September 2023. Associated Press and IPOScoop both recorded the open at 56.10 U.S. dollars and the close at 63.59, a 24.7 percent gain on the offer.
SoftBank still held about 90 percent of the ordinary shares after the sale.
The pin is the Times Square MarketSite where Rene Haas rang the opening bell that morning. The interior studio is a broadcast set, not a public trading floor.
The mechanism is a secondary-heavy IPO that re-listed a private chip-design franchise without handing the company new cash.
Photo: Nasdaq MarketSite, via the collection photograph already ingested for Nasdaq listings.
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