Arm (ARM) tapped 28 banks for its blockbuster IPO without providing them with a fee arrangement, a reflection of parent company SoftBank’s (SFTBY) leverage over underwriters seeking a role, Reuters’ Echo Wang and Anirban Sen report, citing people familiar with the matter. While it is common for the fees lenders receive in an IPO to be finalized upon completion of the offering, it is unusual for a company not to give underwriters a rough percentage of the offering they will receive, the authors note.
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