Arm Holding Ltd. is expected to price its initial public offering above expectations late Wednesday following intense interest.
Following reports that Arm was pricing its initial public offering at $52 a share, a source close to the deal confirmed to MarketWatch that $52 was the expected price.
That puts the chip designer at a $55.5 billion valuation. Previously, Arm had stated a targeted range of $47 to $51.
Over the weekend, several outlets reported that the offering was more than five times oversubscribed.
That followed confirmation by the company recently that Nvidia Corp. NVDA, +1.37%, Advanced Micro Devices Inc. AMD, +2.28%, Apple Inc. AAPL, -1.19%, Alphabet Inc.’s GOOG, +1.05% GOOGL, +1.01% Google International LLC were among “cornerstone investors” that had indicated total interest of about $735 million in ADSs at the same terms as other purchasers.
Shares are expected to begin trading on the Nasdaq under the ticker symbol “ARM” on Thursday.