Chip company Arm has filed a registration statement in a significant step towards its public listing, which is expected to take place next month.
The IPO will see the chip designer on the Nasdaq Global Select Market offer American depositary shares (ADS) under the ticker “ARM”.
A draft registration statement for a New York listing was given to the US Securities and Exchange Commission back in May. Both pricing and quantity of ADS shares are undecided.
SoftBank, the majority owner of Arm, recently agreed a deal with the members of its Vision Fund to acquire an additional 25% stake in the semiconductor firm, giving the Japanese conglomerate full ownership. The deal landed Cambridge-based Arm with a $64bn valuation.
Amazon is among those interested in backing Arm’s IPO as an anchor investor, as is chip giant Nvidia, which previously attempted to acquire Arm.
Arm’s decision to not list on the London Stock Exchange spurred on efforts from the Financial Conduct Authority (FCA) to ‘simplify’ IPO rules as a way to encourage firms to stick with London.
However, a dual listing in London is not entirely ruled out, Arm CEO Rene Haas at the time of the IPO announcement said:
“Arm is proud of its British heritage, and continues to work with the British Government. We will continue to invest and play a significant role in the British tech ecosystem. Arm also intends to consider a subsequent UK listing in due course.”