Citibank (C) has been appointed by Arm Holdings plc (NASDAQ:ARM) to act as depositary bank for its initial public offering of Arm’s American Depositary Shares representing its ordinary shares.

Arm’s ADR Programme has been established in connection with a US$5.2 billion IPO of its ADRs, priced at US$51 per ADR. The ADRs are listed on the Nasdaq Global Select Market under the symbol “ARM”. Each ADR represents one ordinary share.

Commenting on the appointment, Dirk Jones, Global Head of Issuer Services, at Citi said: “I am delighted that Citi has been selected by Arm as its ADR depositary for this listing. There has been widespread interest in Arm’s Nasdaq listing and today’s announcement is a testament to the confidence in Citi’s platforms to provide the highest quality ADR services to investors.”

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries, and investors.