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Arm Ltd. is gearing up for its biggest initial public offering of the year, and CEO Rene Haas is pitching investors on the company’s pivot to become a bigger and more profitable business. Arm is now doing complex design work focused on specific products, tailored for key areas of growth such as mobile devices, cloud computing, car electronics, and internet-connected technology. The IPO is oversubscribed by 10 times, and bankers are planning to stop taking orders a day early. Arm was bought by SoftBank Corp. in 2016 for $32 billion, and the company is now seeking as much as $54.5 billion in its IPO.
