NEW YORK, Reuters Chip designer Arm Holdings Plc secured a 54.5 billion valuation in its U.S. initial public offering IPO on Wednesday, seven years after its owner SoftBank Group Corp took the company private for 32 billion.

The IPO represents a climbdown from the 64 billion valuation at which SoftBank last month acquired the 25 stake it did not already own in the company from the 100 billion Vision Fund it manages.

Yet even with this lower valuation, SoftBank fares better than its 40 billion deal to sell Arm to Nvidia Corp, which it abandoned last year amid opposition from antitrust regulators.

Arm priced its IPO at 51 per share, at the top of its indicated range, raising 4.87 billion for SoftBank based on 95.5 million shares sold, the company said on Wednesday. Reuters first reported on Arm39;s decision on the pricing.

Arm39;s shares are scheduled to start trading in New York on Thursday.

Arm has already signed up many of its major clients as cornerstone investors in its IPO, including Apple, Nvidia, Alphabet, Advanced Micro Devices, Intel and Samsung Electronics.

Reuters was first to report on Tuesday that Arm received enough backing from investors to secure at least the top end of the price range between 47 and 51 per share in its initial public offering IPO, including the possibility of the share sale being priced above range.

Arm launched its IPO marketing efforts last week, seeking to convince investors it has growth ahead of it, beyond the mobile phone…