Chip design company ARM has set a price range of $47 to $51 in an updated filing for its upcoming initial public offering on the New York Stock Exchange.

ARM, a subsidiary of SoftBank Group, plans to raise about $4.87 billion in an initial public offering, much smaller than the phone chip design company had previously targeted.

Only 9.4% of ARM’s shares will be freely traded on the New York Stock Exchange, and SoftBank is expected to own approximately 90.6% of the company’s outstanding shares after the IPO.

The company said in a filing with the U.S. Securities and Exchange Commission that it will offer 95.5 million American Depositary Shares at prices ranging from $47 to $51 per share. The deal values ​​ARM at $54.5 billion at the maximum offer price, according to Bloomberg News calculations.

Although the proposal of the “Arm” company aimed to raise 8 to 10 billion dollars, this goal was somewhat reduced after the “Soft Bank” decided to buy 25% of the shares owned by the Vision Fund. A majority of the company’s shares. SoftBank will still control 90% of ARM shares after the initial public offering.

Ten companies have agreed to be lead investors, including “ARM”, “Apple”, “NVIDIA”, “Intel”, “Samsung Electronics”, “Advanced Micro Devices”, “Cadence Design Systems” and “Google”. A subsidiary of Alphabet and Synopsys is expressing interest in buying about $735 million in shares.