SoftBank’s Shares Slip as Excitement Around Arm’s IPO Fades
- Arm IPO to shore up SoftBank’s capital by $5.12 billion
- Japanese investor accumulating capital as it prepares next bet
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SoftBank Group Corp.’s stock fell as much as 4.3%, the biggest intraday fall in more than a month, as profit-taking weighed on newly-debuted chip unit Arm Holdings Plc’s shares.
Arm’s shares declined around 4.5% for two straight days after surging 25% in their first day of trading on Nasdaq on Thursday. Arm’s $5 billion initial public offering — the year’s biggest — had been widely seen as a win for SoftBank founder Masayoshi Son following a string of poorly-timed bets on startups.