Outside of Arm, Goldman is involved in Instacart and Birkenstock's public debuts. More revenue could follow.
When Arm makes its public debut Thursday, attention won’t be on the U.K.-based chip maker alone. The deal’s lead underwriter, Goldman Sachs, will also be in the spotlight.
Arm is looking to raise roughly $5 billion at a $54.5 billion valuation, the largest tech IPO since the debut of Uber Technologies in 2019. Outside of Arm, delivery company Instacart, sandal maker Birkenstock, and marketing platform Klaviyo are expected to make public debuts, all with Goldman as lead underwriter.
A slow IPO market isn’t the fault of Goldman. Rapidly rising interest rates and geopolitical concerns can be blamed for that. But the slowdown came at a bad time as the bank has had to contend with reports of discontent among its partners and questions about Solomon’s leadership. While that hasn’t affected the bank’s standing in IPO league tables, the bank is in need of a win to quiet naysayers.
“It has been quite a while since I could say to you we have a handful of very significant IPOs in the market. That’s an improvement,” Solomon said. “I do believe that if these go well and it feels at the moment like they’re progressing nicely, it kind of creates a virtuous cycle of bringing more of the pent-up backlog to market.”
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