The UK computer chip firm Arm has submitted a draft registration document to US authorities in preparation for a stock market flotation later in the year.
The Cambridge-based firm is owned by Japanese investment company SoftBank, which bought Arm in 2016.
The number of shares and their float price has yet to be determined, and the company said that the initial public offering is still subject to market conditions as well as a review by the Securities and Exchange Commission in New York.
SoftBank shares rose more than 2 per cent on the news.
The investment company's founder, Masayoshi Son, is aiming for Arm to be the largest-ever flotation in the semi-conductor industry, with an expected valuation range between $30 billion and $70 billion.
London loses out
There has been much disappointed in the UK that Arm would not be listing its shares in the London Stock Exchange, as they had been before the SoftBank takeover.
But it was felt that the London stock market could not offer the marketing and valuation opportunities that American markets such as the Nasdaq could.
Arm, which was founded in 1990, has often been described as the “jewel in the crown” of the British high-tech sector.
SoftBank said it expects Arm to remain a subsidiary even after completion of the flotation and that the IPO “will not have a material impact” on its financial position.
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Company%20Profile
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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