Arm's IPO in the U.S. was 10x oversubscribed

News on September 12, according to people familiar with the matter, the initial public offering (IPO) of British chip design company Arm in the United States has been oversubscribed by 10 times, and the investment bank plans to stop accepting subscriptions before Tuesday afternoon local time.

According to foreign media citing people familiar with the matter, ARM, controlled by Japan's SoftBank Group, will stop accepting subscriptions one day earlier on Tuesday, but the plan to price the issued shares on Wednesday remains unchanged. It is not uncommon for companies to stop accepting subscriptions early for IPOs, which usually indicate strong investor demand.

Arm could end up being oversubscribed by up to 15 times by Wednesday, but everything is yet to be determined and could change at any time, the people added.

Arm representatives declined to comment.

It was previously reported that Arm was considering raising the price range of the IPO offering price.

As clients finalize the price of an IPO, underwriters typically strive to create positive momentum. It was previously reported that Arm's subscription will end early.

ARM filed its listing application at a price of $47 to $51 per share, and the company is expected to be valued at $54.5 billion at the high end of the offering price range. (Chenchen)