NEW YORK听–听础谤尘听Ltd., the British chip designer owned by Japan’s SoftBank Group Corp., is likely to aim to听谤补颈蝉别听at听濒别补蝉迟听$8听产颈濒濒颈辞苍听from what is expected to be a blockbuster US聽stock market launch this year, people familiar with the matter said on Sunday.
础谤尘听is expected to confidentially submit paperwork for its initial public offering in late April, the听蝉辞耻谤肠别蝉听said, speaking on condition of anonymity because the discussions are confidential. The listing is expected to happen later this year and the exact timing will be determined by market conditions, the听蝉辞耻谤肠别蝉听added.
SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock market flotation in recent years. Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays聽and Mizuho Financial Group.聽are expected to be the lead underwriters for the deal, the听蝉辞耻谤肠别蝉听said, adding that no bank has been picked for the much-coveted “lead left” position yet.
The Australian Financial Review reported on the lead banks earlier on Sunday.
The preparations for the听滨笔翱听are expected to be kick-started in the US聽in the coming days, the听蝉辞耻谤肠别蝉听said. The valuation range has not yet been finalized but Cambridge, England-based聽础谤尘听is hoping to be valued at more than $50听产颈濒濒颈辞苍听during its share sale, the听蝉辞耻谤肠别蝉听said.
Barclays, JPMorgan and SoftBank did not immediately respond to requests for comment.听础谤尘, Goldman Sachs and Mizuho declined to comment.
A successful listing for聽础谤尘听this year would provide a boost to the听滨笔翱听market, which has been largely frozen since Russia’s invasion of Ukraine in February 2022 triggered market volatility and a huge sell-off in tech stocks.
The听滨笔翱听market briefly flickered back to life last month as a number of companies including solar tech firm Nextracker Inc. and Chinese sensor maker Hesai Group聽listed their shares on US聽stock exchanges, but investors still remain wary of betting on new stocks.
滨笔翱听advisors are not expecting a full-blown recovery in capital markets until the latter half of this year.聽
础谤尘听said last week it would pursue a US-only listing this year, dashing the British government’s hopes that the tech giant would return to the London stock market.聽
SoftBank has been pursuing a listing for聽础谤尘听since its deal to sell the chip designer to Nvidia Corp.聽for $40听产颈濒濒颈辞苍听collapsed last year because of objections from US聽and European antitrust regulators. – Reuters
