U.S IPO market poised for strong finish in 2023 amid a flurry of listings

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The deals could revive demand for new listings, which have been in the doldrums for nearly two years

amid rising interest rates, higher inflation, geopolitical tensions, and the Russia-Ukraine conflict.British chip-designer Arm Holdings, owned by Japan’s Softbank Group, launched what is expected to be this year’s biggest IPO that could raise about $5 billion and value the company at as much as $52 billion.

Arm is considered to be a linchpin of the global semiconductor industry because its chip designs are widely used by most product manufacturers, including Nvidia, Intel, AMD, Samsung, and the Taiwan Semiconductor Manufacturing Company Limited. The company was last valued at $10 billion in December 2022, according to internal estimates reported by media company The Information -- far lower than the $39 billion valuation it secured following a 2020 funding round.

Goldman Sachs and J.P.Morgan are the lead underwriters for the offering, Instacart said, adding that its shares would be listed on the Nasdaq under the symbol “CART.”Data and marketing automation firm Klaviyo disclosed its filing for its IPO in August, months after it confidentially submitted paperwork for the listing.

Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “KVYO.”Vietnamese internet company VNG Corp has filed for a market debut on the Nasdaq, making it the first technology firm from the Southeast Asian country to list in the United States.

 

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Factbox-U.S IPO market poised for strong finish in 2023 amid a flurry of listingsU.S. investors are awaiting a slew of initial public offerings (IPO) in coming months, hoping to ride the recent rally in equity markets. British chip-designer Arm Holdings, owned by Japan's Softbank Group, launched what is expected to be this year's biggest IPO that could raise about $5 billion and value the company at as much as $52 billion. The company publicly filed its IPO with U.S. Securities and Exchange Commission (SEC) last month and kicked off its IPO roadshow this week in Baltimore, where influential asset manager T Rowe Price is headquartered.
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