Arm Ltd., the British chip designer owned by Japan’s SoftBank Group Corp., is seeking a strategic investor, potentially Intel Corp., to anchor its highly anticipated initial public offering, Bloomberg News reported late Monday.
Citing sources familiar with the matter, Bloomberg reported that Arm has held talks with multiple companies, including chip giant Intel, to participate in the IPO, noting that talks were in early stages and may still fall apart. It was unclear how much investment Arm was seeking, Bloomberg said, or under what terms.
Arm confidentially filed for a U.S. IPO in late April, and is reportedly seeking to raise between $8 billion and $10 billion in the offering, which would make it the largest IPO of the year. No date has been set for the IPO.
According to Bloomberg, adding an anchor investor could boost momentum for the IPO amid a moribund time for public debuts.
Intel shares
INTC,
rose more than 5% on Monday and are up more than 25% year to date. SoftBank shares
9984,
surged 7% in Tokyo trading early Tuesday, and are up 13% in 2023.
This story originally appeared on Marketwatch
