Taiwan Semiconductor Manufacturing Co. plans to invest up to US$100 million in Arm Holdings’ initial public offering.
TSMC
2330,
TSM,
said late Tuesday that its board approved the investment at a special meeting.
Arm and its underwriters are set to price the IPO on Wednesday following a week-long roadshow pitch to investors. Its American depositary shares are expected to start trading Thursday on the Nasdaq. The British chip designer is seeking a valuation of at least US$52 billion.
SoftBank Group
9984,
which has owned Arm since 2016, is selling 95.5 million shares in the chip designer, or about 10% of the company. SoftBank expects to keep the remaining shares.
A number of Arm’s customers, including Nvidia
NVDA,
Samsung Electronics
005930,
and Apple
AAPL,
are showing support for the company by agreeing to buy shares in the IPO.
This story originally appeared on Marketwatch
