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Chip designer Arm (ARMHF) said it had secretly submitted a draft registration statement to the US Securities and Exchange Commission for an initial public offering.
The size and price range of the proposed offering, Arm (ARMHF) said in a statement on saturday.
ARM, which is owned by Japan’s Softbank Group (OTCPK: SFTBY), is looking to raise at least $8 billion to $10 billion through its IPO, which will be listed on the Nasdaq stock exchange, according to a report. Reuters report.
An IPO could be held as soon as this fall, with a value of between $30 billion and $70 billion. Goldman Sachs, JP Morgan and Mizuho are said to be leading the IPO, with other investment banks expected to join as it progresses, according to a Financial Times report earlier this month.
Arm (ARMHF) reportedly decided last month that it would no longer sell shares on the London Stock Exchange and would instead list the chip designer in New York only this year.