Arm, a prominent British microchip design company, has submitted a request to sell its shares in the United States, potentially leading to the year’s most extensive stock market listing.
According to the BBC, the company based in Cambridge intends to raise $10 billion.
In March, the company’s announcement was a setback for the UK; it did not plan to list its shares in London.
Arm was bought by Japanese conglomerate Softbank in 2016 in a deal worth £23.4 billion.
According to the BBC, Arm was listed on the London and New York stock exchanges then.
This company develops the technology that fuels processors, also known as chips, utilized in various devices such as smartphones and gaming consoles.
According to the BBC, chip makers like Taiwan Semiconductor Manufacturing Co. and popular brands like Apple and Samsung use the designs provided by BBC to create their processors.
SoftBank said that the company had privately sent a preliminary registration statement to the SEC for review listing.
The announcement did not disclose how much it plans to raise or when the shares might be sold.
The BBC reported that the company wanted to raise $8 billion to $10 billion by listing this year on the technology-heavy Nasdaq platform.
Arm, founded in Cambridge, England, in 1990, is often considered the most valuable asset in the UK’s technology industry.
Earlier this year, Arm stated it did not intend to be listed on the London Stock Exchange.
Reports in January suggested that UK Prime Minister Rishi Sunak had resumed talks with SoftBank about a possible London listing.
Arm’s decision has raised concerns that the UK market needs to do more to attract stock offerings in technology companies, with US exchanges seen as offering higher profiles and valuations.
The filing shows that SoftBank is pushing ahead with multibillion-dollar sales despite challenging conditions; according to the BBC, the news is about the worldwide financial markets.
The number of stock market listings has significantly decreased since Russia invaded Ukraine.
At the same time, shares of major tech firms have fallen in the wake of the pandemic.
