Palo Alto – September 18, 2023 – Cooley advised NVIDIA Corporation, a pioneer in accelerated computing and artificial intelligence, regarding its investment in the initial public offering of Arm, a semiconductor and software design company. Partners Eric Jensen, John McKenna, Natalie Karam and Alex Kassai led the Cooley team.
Arm offered 102,500,000 American depositary shares (ADSs) representing ordinary shares at a price to the public of $51 per share, which included the full exercise of the underwriters' option to purchase up to an additional 7,000,000 ADSs, raising an aggregate of $5.2 billion in gross proceeds.
Barclays, Goldman Sachs & Co., J.P. Morgan and Mizuho acted as joint book-running managers for the IPO.
The cornerstone investors – including NVIDIA, as well as Advanced Micro Devices, Apple, Cadence Design Systems, Google International, Intel Corporation, MediaTek's affiliated entities, Samsung Electronics, Synopsys and TSMC Partners – severally and not jointly, indicated an interest in purchasing up to an aggregate of $735 million of the American depositary shares (ADSs) at the initial public offering price and on the same terms and conditions as the other purchasers in the offering.
Since its founding in 1993, NVIDIA has been a pioneer in accelerated computing. The company's invention of the graphics processing unit (GPU) in 1999 sparked the growth of the PC gaming market, redefined computer graphics and ignited the era of modern artificial intelligence, along with fueling industrial digitalization across markets. NVIDIA is now a full-stack computing company with data center scale offerings that are reshaping industry.
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