The SoftBank Group's British chip unit, Arm, has filled out a roster of underwriters for its initial public offering, with 28 banks in all on the deal, sources have said.
In addition to four lead lenders – Barclays, Goldman Sachs Group, JP Morgan Chase and Mizuho Financial Group – the offering will have 10 second-tier underwriters, including Bank of America, Citigroup, Deutsche Bank and the Jefferies Financial Group, the sources said.
A third-tier consists of a diverse group of 14 securities companies, including Daiwa Securities Group, HSBC Holdings, Intesa Sanpaolo and Societe Generale.
A representative for Arm, which is majority owned by the SoftBank Group, declined to comment.
The Cambridge-based chip maker has been seeking to raise $8 billion to $10 billion in September in what would be the year’s biggest IPO, Bloomberg News has reported.
The company aims to be valued at $60 billion to $70 billion when it lists.
The length of the line-up is a reflection of the global reach of Arm, which produces technology used in almost every smartphone, as well as the eagerness of lenders to land roles on big-ticket IPOs.
The record IPO of Saudi oil company Aramco in 2019 also featured about 25 banks. A subdued period for new listings around the world has made efforts to secure work on large deals even more important for investment banks in 2023.
