Chip designer Arm targets $52 bn valuation in year's largest IPO

British chip designer Arm is targeting a valuation of more than $52 billion for its initial public offering (IPO) on the Nasdaq exchange on Thursday, according to a company press release.

Arm, whose semiconductor design is integrated into the vast majority of smartphones worldwide, has priced its shares at $51, the firm announced Wednesday, ahead of the largest IPO New York has seen for almost two years.

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