SoftBank Wants Controlling Stake In Arm Post IPO - Read Why - SoftBank Group (OTC:SFTBY), SoftBank Group (OTC:SFTBF)

SoftBank Group Corp SFTBY SFTBF looks to retain a controlling stake in Arm Ltd after the planned IPO selling a smaller portion than initially expected, Bloomberg reports.
SoftBank sought a valuation of at least $60 billion for Arm, beating the deal valuation with Nvidia Corp NVDA.
SoftBank looked to sell a smaller portion of Arm given the current slump in chip stocks, providing the opportunity to get a higher valuation for the remainder later.
SoftBank opted for an initial public offering of Arm (which it acquired in 2016 for $32 billion) after Arm's deal with Nvidia fell flat.
SoftBank's raising of an $8 billion term loan secured with shares of Arm also has provided it with enough financial freedom to hold onto a more significant portion of the company and wait for better market conditions.
An IPO is likely in the first quarter of 2023.
Arm looked to transfer shares in its China joint venture to a SoftBank special purpose vehicle to speed up its U.S. IPO.