Biggest IPO this year? Softbank-owned chipmaker Arm is dumping British Prime Minister Rishi Sunak’s bid and trying to raise billions on the US stock exchange

Cambridge-based microchip design giant Arm said it had confidentially filed a draft registration statement with regulators to sell its shares in the US. The company, owned by Japanese conglomerate Softbank Group Corp, is reportedly looking to raise between $8 billion and $10 billion. This could be the biggest initial public offering (IPO) of the year.

Cambridge-based microchip design giant Arm said it had confidentially filed a draft registration statement with regulators to sell its shares in the US. The company, owned by Japanese conglomerate Softbank Group Corp, is reportedly looking to raise between $8 billion and $10 billion. This could be the biggest initial public offering (IPO) of the year, IANS said, citing a ` report. Arm develops the technology used in processors that power devices such as gaming consoles and smartphones. Prominent chipmakers such as Taiwan Semiconductor Manufacturing Company, as well as renowned brands such as Apple and Samsung, use Arm’s designs to build their own processors. Sometimes referred to as the “crown jewel” of Britain’s tech sector, Arm was bought by Japanese conglomerate Softbank in 2016 in a deal valued at €23.4 billion. The microchip designer said in March this year that he would not list his shares in London, in view of the US Securities and Exchange Commission. According to reports in January, British Prime Minister Rishi Sunak had held talks with Softbank over a possible listing in London. The company’s announcement that it would be listed on the tech-heavy Nasdaq platform did not say when the stock sale might take place, the report said.

Arm’s decision raised concerns that the UK market is not doing enough to attract equity offerings from tech companies as US bourses offer higher profiles and valuations.

Arm’s IPO push comes amid a sharp drop in the number of listings since Russia invaded Ukraine. Apart from that, big tech companies have also seen their stock prices fall due to the pandemic. Despite these difficult circumstances in the global financial markets, Softbank continues to press ahead with the multi-billion dollar sale.