ARM Holdings Limited has filed to go public on Nasdaq in what is expected to be the largest initial public offering (IPO) of 2023.

The British chip designer, which is backed by Japanese bank, SoftBank, announced that it had publicly filed an F-1 registration statement with the US Securities and Exchange Commission (SEC), having turned down the UK Government’s attempts to get the firm to float in London or pursue a dual UK-US listing.

It is expected that SoftBank is looking to raise between $8-10bn through the listing, with ARM valued at between $60-70bn, making it the biggest IPO since 2021. A total of 28 different firms are listed as underwriters.

The news follows the announcement that SoftBank will remain as the controlling shareholder of ARM once the chipmaker begins trading, having purchased back almost all of Vision Fund’s 25% stake in the business, for $16.1bn.

The price of shares is yet to be announced.

In a statement, ARM said that Raine Securities LLC is acting as financial adviser in connection with the proposed offering, with Barclays, Goldman Sachs, JP Morgan and Mizuho acting as join book-running managers for the proposed offering.

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