Arm chiefs reportedly warned investors although it was committed to IPO the business during 2023, it would be unlikely meet its initial timeline of early in the year, blaming economic uncertainty and the recent performance of financial markets.
In comments sent to private investors and subsequently published by The Guardian, Arm’s head of investor relations Ian Thornton conceded a listing was unlikely to happen before end-March 2023 despite the company being keen to conduct the move as soon as possible.
Thornton reportedly told investors preparations for the listing were advanced and “going very well”.
During its financial results call earlier this month, Arm’s parent company Softbank Group first indicated the sale would likely be later in 2023.
The Japanese conglomerate’s CFO Yoshimitsu Goto explained while “sooner is better” Arm “is a great company, great asset, so that we would like to make sure that we have a great preparation in the market”.
“That is why we don’t have to rush.”
Speculation on the makeup for an IPO of Arm has been rife since a deal to sell the business to Nvidia fell apart earlier this year. At the time the company indicated it planned to hold a public offering within its financial year ended-March 2023.
However, since then the economic picture across the globe has worsened with the tech sector notably suffering on the financial markets.