British chip designer Arm has registered for a listing on New York鈥檚 Nasdaq in a move which it hopes will raise up to 拢8 billion.
The firm was listed in London and New York when it was bought by Japan’s SoftBank Group Corp in 2016 in a deal worth 拢23.4bn.
In March Arm said it would not look to list its shares in London this time in a blow to the City.
Arm designs the microprocessors used in a vast range of electronic devices, including smartphones, tablets and laptops.聽
The Cambridge-headquartered company’s technology is also used in various other applications such as servers, IoT devices and automotive systems.
SoftBank will retain a majority shareholder in Arm following the listing.
The deal is “subject to market and other conditions and the completion of the SEC’s review process”, said SoftBank.
It added: 鈥淪BG does not expect that any such offering would have a material effect on its consolidated results or financial position.鈥�
Softbank was forced to call off its planned $40bn sale of Arm to Nvidia last year after facing regulatory hurdles in the UK, US and EU.