The SoftBank Group Corp.-owned chip designer’s share sale is about six times subscribed, said the people, who asked not to be identified as the information is private. Deliberations are ongoing and no final decision has been made, the people said.

Arm filed for its IPO at $47 to $51 a share, which would have valued the company at $54.5 billion at the high end of the range. That was slightly below the $60 billion to $70 billion valuation the company had targeted earlier this year.

It’s common for companies going public and their investment bankers to try to create positive momentum as they head toward final pricing of an IPO, which is expected for Arm on Wednesday. The stock will start trading the next day.

Reuters reported earlier that Arm is discussing the possibility of raising the price range and it could price the offering at the top of the range or even above. A representative for Arm declined to comment.

SoftBank shares rose as much as 2.6% and have gained about 15% this year so far.

Arm has been looking to raise as much as $4.87 billion, offering 95.5 million American depositary shares at the $47 to $51 range. Any price hike is a sign that there’s been strong demand during the roadshow for its stock. 

Arm said during its investor roadshow that it expects revenue growth of 11% in its current fiscal year and an increase in the mid-20% range in fiscal 2025, boosted by demand for chips to power data centers and artificial intelligence, Bloomberg reported earlier. 

At an investor luncheon in New York, Arm Chief Executive Officer Rene Haas said that price increases have provided the company with a “larger bump than seen historically,” investors who attended the event said. The investors said Haas expects robust growth to continue into the 2026 fiscal year, with high-teen percentage increases in revenue.