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SoftBank Group Corp's Arm Holdings Ltd reported a 1% fall in annual revenue due to a slowdown in smartphone sales, after the chip designer disclosed the paperwork for an initial public offering (IPO) that is expected to be the largest of the year.
SoftBank's Arm Holdings is all set to go public by this year. The IPO will also mark USA's biggest IPO of 2023. The company filed for IPO on Monday, and its offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc
The stock market debut could make Shein the most valuable Chinese company to go public in the United States since ride-hailing giant Didi Global listed in New York in 2021 at a $68 billion valuation.
Theonline shopping unit which competes with rivals such as Amazon.com Inc. in markets outside China, is one of six parts that Alibaba is splitting into.
The reported size of the listing would make Arm one of the largest IPOs in the US of the last decade