Goldman Sachs, JPMorgan, Barclays set for key roles on Arm IPO

Goldman Sachs Inc., JPMorgan Chase & Co., Barclays Plc have been lined up for key roles on chipmaker Arm's blockbuster IPO, according to reports quoted by fnlondon.com.

The trio will be joined by Mizuho Financial as the four lead banks on the deal, Bloomberg reports, citing people familiar with the matter.

In total, 28 banks are in on the deal, according to Bloomberg, with 10 second-tier underwriters, including Bank of America, Citigroup and Deutsche Bank also set to pick up a slice of the action. A third-tier consists of a diverse group of 14 securities firms, such as Daiwa Securities Group Inc., HSBC Holdings Plc, Intesa Sanpaolo SpA and Societe Generale SA, they said.

The mammoth float - up to $10 billion - is set to be this year's largest, with Arm's valuation seen as a bellwether for the health of global capital markets, which are suffering a drought of sizeable listings since a pandemic deals boom faded.

Arm is owned by Japanese investment firm SoftBank. Arm declined to comment. SoftBank has been approached for comment.

With Arm's chip technology used in a vast array of personal electronic devices, powering products from some of the world's largest companies including Apple and Samsung, securing its listing was seen as strategically important for the UK.

The firm's decision to list in New York rather than London kicked off a period of soul-searching for London's capital markets, culminating in a host of reforms intended to make it more attractive to go public in the City.

Arm is phoning Big Tech friends for help with its initial public offering. The UK-based chip designer may sell shares to large customers such as Nvidia, Apple and Amazon.com as part of a U.S. listing that could raise up to $10 billion.