SoftBank shares rise after Arm files confidentially for IPO

Shares of SoftBank Group Corp. rose after the Japanese company’s semiconductor design unit, Arm Ltd., filed an application with regulators for an initial public offering.

Arm said over the weekend it had confidentially submitted a draft registration statement to the US Securities and Exchange Commission for its debut. The size and price range for the proposed offering have yet to be determined, the company said in a statement, adding that the IPO is subject to market and other conditions and the completion of the SEC’s review process.