Arm Holdings plc is preparing to set its initial public offering (IPO) price at $51 per share, CNBC reported on Wednesday, citing sources familiar with the matter.

With this pricing, the chipmaker would be valued at over $54 billion, which is at the top end of its price range projected in a filing dated September 5.

Arm is set to start trading on the Nasdaq exchange on Thursday under the ticker symbol ARM. Earlier, the company said that it will offer at least 95.5 million American depositary shares in the IPO, stressing its parent SoftBank will own approximately 90.6% of Arm's outstanding ordinary shares after the IPO.