Taiwan Semiconductor Manufacturing Co. plans to invest up to US$100 million in Arm Holdings' initial public offering.
Taiwan Semiconductor Manufacturing Co. plans to invest up to US$100 million in Arm Holdings’ initial public offering.
TSMC 2330, +1.49% TSM, +0.98% said late Tuesday that its board approved the investment at a special meeting. Arm and its underwriters are set to price the IPO on Wednesday following a week-long roadshow pitch to investors. Its American depositary shares are expected to start trading Thursday on the Nasdaq. The British chip designer is seeking a valuation of at least US$52 billion.
SoftBank Group 9984, -0.30%, which has owned Arm since 2016, is selling 95.5 million shares in the chip designer, or about 10% of the company. SoftBank expects to keep the remaining shares. A number of Arm’s customers, including Nvidia NVDA, -0.68%, Samsung Electronics 005930, +0.99% and Apple AAPL, -1.71%, are showing support for the company by agreeing to buy shares in the IPO.
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