“Arm set a price of $51 a share as the British chip designer lays the groundwork for the biggest U.S. public offering of the year. 

“At that price, Arm would be valued at $54.5 billion on a fully diluted basis. That is below the $64 billion Arm owner SoftBank Group recently valued the company at when it bought out a stake held by its Vision Fund.“

https://www.wsj.com/finance/stocks/arm-set-to-price-ipo-at-52-a-share-214e3351