Banks underwriting Arm’s IPO were reportedly set to close orders later today (12 September), 24 hours earlier than initially planned due to being oversubscribed by up to ten-times.

Bloomberg reported the IPO has been met with such strong demand that if orders were to continue for another day, it could be oversubscribed by 15-times.

The offering looks set to being the biggest IPO in nearly two years.

It is not uncommon for banks to close orders earlier than initially planned, usually an indication of strong demand.

Pricing of Arm’s shares is still expected to take place tomorrow (13 September), and is tipped to land in the top end or higher than the initial range of $47 to $51 per share, added Bloomberg.

At the top end, the IPO would raise $4.9 billion for Arm’s parent SoftBank Group and give the company a value of $54.5 billion.

A number of major technology companies have shown interest in the IPO, with possible investment from Apple, Google Nvidia, Samsung and Intel, among others.

SoftBank had initially sought a valuation of $60 billion to $70 billion for Arm after the IPO, with hopes of raising a minimum of $8 billion from the sale of around 10 per cent of the company.