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.
Related posts:
UK Anti Trust Regulator blocks Microsoft Activision Blizzard Deal
No sign yet of China sending arms to Russia- Joe Biden
Lagos trains parents on better parenting to prevent Child Abuse
Enugu Residents react to Ekweremadu’s Conviction, call for Dialogue
Ekiti Resident Celebrate Tinubu’s Victory, Make Demands
Netanyahu judicial Reforms paused after protests grounds Israel
Updated: Obasanjo writes UK Court, seeks clemency for Ekweremadu, wife
G7 countries considering near-total ban on exports to Russia
