According to people familiar with the matter, Arm Holdings Ltd. The initial public offering (IPO) has been 10 times oversubscribed, and banks plan to stop accepting subscriptions by Tuesday afternoon.SoftBank Group Corp.'s Arm will end subscriptions a day early on Tuesday, but still plans to price on Wednesday, said people familiar with the matter who asked not to be named because the matter is private. It's not uncommon for IPOs to stop subscriptions early, which usually indicates strong demand.
The offering could be up to 15 times oversubscribed by Wednesday, the people added. Nothing has been finalized yet, and the IPO order may change.
An Arm representative declined to comment.
It was reported earlier that Arm was still considering raising the IPO price range. As final pricing of an IPO approaches, underwriters typically try to create positive momentum. The Financial Times previously reported that Arm subscription will end early.
Arm is seeking to sell shares at a price of $47-$51 per share, valuing it at $54.5 billion at the cap.