SoftBank-backed Arm raises $4.87 billion in biggest IPO of the year

Arm Holdings Plc priced its initial public offering at the top end of its range to raise $4.87 billion in the largest listing of the year, one that could give a major lift to long-suffering equity markets.

The chip designer, which is owned by SoftBank Group Corp., sold 95.5 million American depositary shares for $51 apiece, according to a statement Wednesday confirming an earlier Bloomberg News report. Arm had marketed the shares for $47 to $51 each.

At the IPO price, Arm is valued at about $54.5 billion, according to Bloomberg News calculations. Underwriters have the option of buying as many as 7 million additional shares.