Arm to fetch at least $54.5 bln valuation in IPO-source

Arm, the chip designer owned by SoftBank Group Corp , received enough backing from investors to secure at least the top end of the price range in its initial public offering, which would command a $54.5 billion valuation on a fully diluted basis, a person familiar with the matter said on Tuesday.

, received enough backing from investors to secure at least the top end of the price range in its initial public offering, which would command a $54.5 billion valuation on a fully diluted basis, a person familiar with the matter said on Tuesday.on Sunday that this outcome was likely. After reviewing investor committments on Tuesday, Arm decided it will only accept the top end of its indicated $47-to-$51-per-share range, or a price that is even higher, the source said.

Arm may price its IPO above the indicated price range, and will make a decision on how much it will sell its shares for on Wednesday, that source and a second person with knowledge of the matter said. The shares are scheduled to start trading in New York on Thursday. Arm was considering publishing a revised price range that would have been higher, reflecting the strong investor demand. It decided against such a move, adhering to its more conservative approach to marketing the offering, the sources said. Pricing the IPO conservatively raises the chances of the shares trading strongly at their debut on Thursday, the sources added.

The sources requested anonymity because the matter is confidential. Arm and SoftBank did not immediately respond to requests for comment. Reporting by Echo Wang in New York Additional reporting by Svea Herbst-Bayliss in New York Editing by Greg Roumeliotis

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