(Bloomberg) — Masayoshi Son was determined to turn the tide.
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His record on tech investing had taken a drubbing after SoftBank Group Corp.’s Vision Fund lost $32 billion in a year on flameouts like WeWork and DoorDash Inc. So as he and other top executives met with bankers to plot this week’s initial public offering for Arm Holdings Plc, the focus was making sure the sale would go off without a hitch.
They didn’t want any last-minute hiccups with buyers pulling out, they dreaded pushback on the valuation, and, most of all, they wanted to set a price that would almost guarantee the shares would pop on their first day of trading.
By that measure, the initial public offering was a smashing success. The shares gained 25% in their debut Thursday after the company raised $4.87 billion to make it the largest US IPO in almost two years. After bringing companies to market in recent years only to see the shares tumble 50%, 60% or 70% in the following months, this…
2023-09-15 04:13:40
Source from finance.yahoo.com
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