SoftBank-owned chip design firm ‘Arm’ has filed for a US listing in a move which cements its decision to thwart London markets for the US.
SoftBank confirmed on Monday that Arm had submitted a draft registration statement to the US Securities and Exchange Commission (SEC) on Saturday to list its shares in the US.
Softbank is said to be looking to raise $8-10 billion but has not disclosed how many Arm shares it will be selling or the valuation it is looking for.
The Cambridge-based chip manufacturer announced it would pursue a US listing in March, in a blow to the UK’s efforts to spur a listing on the London Stock Exchange and encourage more tech companies to seek flotations in the UK.
Estimates of Arm’s value are as wide as $30-60 billion. A bid worth $66 billion from Nvidia was stymied by regulators last year.
Softbank, with debts of around $170 billion, is keen to get as much as possible from the offer.
Arm was listed in London before it was snapped up by the Japanese conglomerate for £24.6bn in 2016.
The group’s decision to push ahead with plans to list in the US comes as other British-based companies have ditched London and sought out listings elsewhere.
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