Holding company SoftBank Group ( OTCMKTS:SFTBY ) submitted an updated filing on Tuesday and has set a price per American Depository Share (ADS) between $47 and $51 for the initial public offering (IPO) of Arm Ltd. The UK-based chip designer is looking at raising $4.87 billion from this IPO and is targeting a valuation of $52.3 billion. According to the company's updated F-1 filing, only 9.4% of Arm's shares will be traded freely on the New York Stock Exchange. Following the completion of the IPO, Softbank will own around 90.6% of Arm's outstanding shares.