Softbank's Chipmaker Arm Seeks $10-B In U.S. IPO

SoftBank Group Corp.'s chip maker Arm Ltd has filed with regulators confidentially for a US stock market listing, Arm said, setting the stage for this year's largest initial public offering, Anirban Sen and Echo Wang reported for Reuters.

Photo Insert: Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion.

The IPO registration shows that Softbank is pressing ahead with the blockbuster offering despite adverse market conditions, after saying in March that it planned to list Arm in the US stock market.

US IPOs, excluding listings for special purpose acquisition companies, are down about 22% to a total of just $2.35 billion year-to-date, according to Dealogic, as stock market volatility and economic uncertainty put many IPO hopefuls off.

Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, people familiar with the matter said.

In a statement, which confirmed an earlier Reuters report on the planned IPO, Arm said the size and price range for the offering has not yet been determined. The sources cautioned that the exact timing and size of the IPO are subject to market conditions and asked not to be identified because the matter is confidential.

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