Arm IPO gives SoftBank a new Alibaba to bank on

Japanese investment group's listed assets get nearly $54bn boost, CFO says

SoftBank Group Chief Financial Officer Yoshimitsu Goto, left, and Arm CEO Rene Haas shake hands as the chip designer goes public in New York on Sept. 14. © Reuters

MASAYUKI SHIKATA and AKIRA YAMASHITA, Nikkei staff writers

September 16, 2023 04:51 JST

TOKYO/LONDON -- With the stock market listing of its prized chip design unit Arm, Japan's SoftBank Group seeks to shift its artificial intelligence strategy into high gear while shoring up its own finances.