(Bloomberg) — Arm Holdings Ltd.’s initial public offering is already oversubscribed by 10 times and bankers plan to stop taking orders by Tuesday afternoon, according to people familiar with the matter.
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Arm, controlled by SoftBank Group Corp., will close its order book a day early on Tuesday, but is still planning to price its shares on Wednesday, the people said, asking not to be identified because the matter is private. It’s not uncommon for books to close early on an IPO, which often indicates strong demand.
The offering could end up as much as 15 times oversubscribed by Wednesday, the people added. Nothing is finalized and the IPO orders could always change. The Financial Times previously reported that the Arm order book would close early.
A representative for Arm declined to comment.
Arm is still considering raising the price range of its initial public offering as well, Bloomberg News previously reported. Arm filed for its IPO at $47 to $51 a share,…
2023-09-11 21:14:44
Original from finance.yahoo.com
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