Chip designer Arm registers for the US stock exchange listing – this will be the biggest this year
Chip designer Arm has registered for a US stock exchange listing, which will be the largest of this year.
The Cambridge-based company – believed to be valued at £50bn – has filed papers with regulators after revealing in March that it planned to head to New York.
Arm is a huge success story in the UK whose technology powers the global smartphone industry.
Note: Arm is a major success story in the UK whose technology is underpinning the global smartphone industry
But it has eschewed a London listing despite a campaign by ministers.
The registration with the US public offering (IPO) confirms that it intends to continue despite the recent market volatility. According to figures from Dealogic, the number of US IPOs in 2023 is down 22 percent from last year.
However, the market may begin to thaw as Johnson & Johnson prepares to list its consumer health company Kenvue next week in New York.
Arm is reportedly planning to raise £8bn in a Nasdaq index float.
Arm is outperforming some other companies in the chip industry thanks to its focus on data center servers and PCs.
Sales rose 28 percent to £593 million in the most recent quarter.