SoftBank’s Arm Sets IPO Price at $51 in Year’s Largest Listing

(Nikkei Asia) — SoftBank Group Corp.-owned chip designer Arm Ltd. said Wednesday it will set a price of $51 per share in its initial public offering on the Nasdaq exchange.

Trading of the American depositary receipts on the Nasdaq market is expected to begin Thursday. The price would give the company a market capitalization of over $52 billion

The U.K. company had initially been seeking a price in the $47-$51 range. Multiple media reports earlier in the day said Arm was considering a price of $52. The issue was oversubscribed by a factor of 10 in the lead up to the listing.