Taiwan Semiconductor Manufacturing Co. plans to invest up to US$100 million in Arm Holdings’ initial public offering.
said late Tuesday that its board approved the investment at a special meeting.
Arm and its underwriters are set to price the IPO on Wednesday following a week-long roadshow pitch to investors. Its American depositary shares are expected to start trading Thursday on the Nasdaq. The British chip designer is seeking a valuation of at least US$52 billion.
which has owned Arm since 2016, is selling 95.5 million shares in the chip designer, or about 10% of the company. SoftBank expects to keep the remaining shares.
A number of Arm’s customers, including Nvidia
are showing support for the company by agreeing to buy shares in the IPO.