SoftBank-Backed Arm Uses SoftBank-Backed Raine to Help Steer IPO

Raine Group shows up as the financial adviser on the front cover of Arm Holdings Ltd.’s filing for its initial public offering, one line above the 28 banks that will be underwriting the listing.

Raine and Arm share one all-important connection; both are backed by SoftBank Group Corp.

Financial advisers on IPOs like Raine don’t serve as underwriters and don’t buy or sell stock. They are sometimes brought in to assist companies in helping organize a big listing involving lots of banks.

Arm disclosed in its filing Monday with the US Securities and Exchange Commission that in exchange for ...