SoftBank's subsidiary, Arm, has hired 28 underwriters for its IPO.

According to Dolphin Research, it has been revealed by insiders that Arm, the British chip design company under SoftBank Group (SFTBY.US), has finalized the list of underwriters for its initial public offering (IPO). A total of 28 banks will participate in this IPO. Insiders said that in addition to the four main underwriters, Barclays (BCS.US), Goldman Sachs (GS.US), JPMorgan (JPM.US), and Mizuho Financial (MGF.US), there will also be 10 secondary underwriters, including Bank of America (BAC.US), Citigroup (C.US), Deutsche Bank (DB.US), and Jefferies (JEF.US).

Insiders also stated that the third-tier underwriters consist of 14 securities firms, such as Daiwa Securities Group, HSBC Holdings, Intesa Sanpaolo SpA, and Societe Generale.

Previously, it was reported that Arm planned to conduct its IPO as early as September, with a valuation between $60 billion and $70 billion. Insiders said that the roadshow is scheduled to start in the first week of September, followed by a week for pricing the IPO. One insider said that Arm's executives may still be aiming for a valuation of up to $80 billion, but there is uncertainty about whether this target can be achieved.

Arm is in negotiations with potential strategic investors, including Intel (INTC.US) and Nvidia (NVDA.US), to complete the largest IPO of the year. Insiders said that Arm is in talks with at least 10 companies, including Intel, Nvidia, Alphabet (GOOGL.US), Apple (AAPL.US), Microsoft (MSFT.US), TSMC (TSM.US), and Samsung Electronics (SSNLF.US).