IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

ARM Holdings IPO: Unattractive Price Range

SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

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Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (1822695D US)</a> is the world’s most widely licensed and deployed processor. <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> seeks to raise about US$6-10 billion by listing ARM on Nasdaq.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:111238" rel="noopener">ARM Holdings IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the deteriorating annualized contract value trajectory, declining ARM-powered chip shipments and revenue, ARM China overhang and red flag transactions involving SoftBank.</li>
</ul>



ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) seeks to raise about US$6-10 billion by listing ARM on Nasdaq.
In ARM Holdings IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the deteriorating annualized contract value trajectory, declining ARM-powered chip shipments and revenue, ARM China overhang and red flag transactions involving SoftBank.


ARM Holdings

ARM Holdings IPO: The Bear Case