Cambridge-headquartered semiconductor designer Arm has filed with regulators for an initial public offering (IPO) in the US.
Arm parent company SoftBank said on Saturday that it has “confidentially submitted a draft registration statement on Form F-1 to the US Securities and Exchange Commission relating to the proposed initial public offering of American depositary shares representing its ordinary shares.”
The paperwork solidifies Arm’s selection of the US public markets for its blockbuster IPO, in a move that was widely seen as a blow to the UK.
In a statement, Japan’s SoftBank Group said: “The size and price range for the proposed offering have yet to be determined. The initial public offering is subject to market and other conditions and the completion of the SEC’s review process.”
Arm announced its long-awaited plans to list back in March but chief executive Rene Haas said at the time it was open to a future dual listing in the UK. The company also revealed plans for a new site in Bristol.
Attempts to persuade Arm to IPO in the UK included lobbying from successive prime ministers, while the country’s financial regulator said it was considering easing the London Stock Exchange’s listing requirements.
SoftBank said that Arm will “continue to be a consolidated subsidiary of Softbank Group following the completion of the proposed initial public offering”.
The company added: “Softbank Group does not expect that any such offering would have a material effect on its consolidated results or financial position.”
The post Arm submits IPO application for US listing appeared first on UKTN | UK Tech News.
