It is hard to overstate the difficulty faced by the tech investor in getting its company a premium valuation
Arm LtdIt is hard to overstate the importance of chip design company Arm’s stock market debut for other tech companies hoping to list their shares. After a dearth of public offerings since the start of 2022, the IPO, which could come as soon as September, will be a barometer of the market’s revived interest in tech this year.
No wonder SoftBank is trying to land a group of deep-pocketed anchor investors to put a floor under the offering price. It emerged this week that while Amazon has beenabout taking a stake in Arm, behind the scenes SoftBank has been courting a number of Arm customers that rely on its technology in their own chip designs.
SoftBank has already had a painful lesson in the cost of missing the hot trends in chip investing. Six years ago it bought $3bn worth of shares in Nvidia, the AI market leader. Had it held on rather than selling out for a short-term profit, that stake would now be worth $50bn — probably more than the whole of ArmArm’s business model is also at something of a crossroads.
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