Sullivan & Cromwell is advising SoftBank Group on the planned NASDAQ IPO of its UK subsidiary, chip designer Arm Holdings, which is represented by Morrison & Foerster. Davis Polk & Wardwell is acting for underwriters.

Reuters reported that SoftBank was planning to sell about 10 percent of Arm's shares in the IPO and seek a valuation of between $60 billion and $70 billion for the chip designer, making it the largest listing of the year globally.

It added that the stock market launch is expected to bring back to life a lacklustre IPO market, which has seen many high-profile startups put off their listing plans over the last year due to market volatility.

MoFo has been a long-standing advisor for Softbank. Earlier this year, the firm advised the Japanese conglomerate on the sale of a majority stake in U.S. asset manager Fortress Investment Group to Mubadala Investment in a deal estimated at around $3 billion.


Related Articles


by Nimitt Dixit |

The Middle East’s regional IPO markets are flourishing despite a global slowdown and geopolitical instability owing to the region’s long-term structural and regulatory reforms, a maturing diversified market and strong investor confidence.

CC, Paul Hastings lead on CR Beverages’ HK IPO

by Charlie Wu 吴卓言 |

Clifford Chance and Jingtian & Gongcheng are advising China Resources Beverages, the beverage division of the state-owned China Resources Enterprise, on its upcoming Hong Kong IPO, which is expected to raise up to $1 billion. Paul Hastings and Zhong Lun Law Firm are acting for the joint sponsors.

CC, Davis Polk act on ChaPanda’s $330 mln Hong Kong IPO

by Charlie Wu 吴卓言 |

Davis Polk & Wardwell and Jingtian & Gongcheng have advised Sichuan Baicha Baidao, a Chinese low-priced tea chain also known as ChaPanda, on its $330 million IPO on the Hong Kong Stock Exchange, with Clifford Chance and King & Wood Mallesons acting for the sponsor CICC and underwriters.