Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action, news, and analysis.

Good afternoon.

Today is Monday, September 11th, and I'm your host, Kim Khan.

Our top story so far today.

The IPO for British chip design firm Arm Holdings is strongly oversubscribed and gaining traction

according to several reports.

Demand for Arm, which is majority owned by Soft Bank,

is strong enough for the deal to price at the top of its range of 47 to $51 per share,

or even above it, Reuters says.

That would value the company at some $54 billion.

Pricing details could still change as orders come in from investors,

and additional shares will not be sold by SoftBank because it wants to retain its 90.6% ownership stake.

But Craig Coban, former global head of equity capital markets of B of A,

and now a managing director at SETA experts is skeptical.

He writes in the FT, does this mean that the float is a blowout?

No. Leaks like this mean nothing.

Seriously, just ignore.

Investors routinely overstate the size of their interest in an IPO.

Hedgefunds especially, he says.

They know that companies and underwriters will favor so-called long-only investors in allocating

IPO shares, and so they will inflate their order often at the

...