Arm files to go public on Nasdaq exchange

Arm, a computer chip company and unit of Japan’s SoftBank, filed preliminary papers Monday for a public stock listing in New York, without releasing details on the size of the offering.

The company, which is based in Britain, plans to list on the Nasdaq under the ticker “ARM.” US financial media have said the IPO will be the biggest of 2023.

Arm plans a public offering of American depository shares, while the number of shares and the price range for the proposed offering have yet to be determined, the company said in a press release.

Arm has been seen as a potentially significant player in artificial intelligence (AI), highlighting the hot technology in its prospectus.

“As the world moves increasingly towards artificial intelligence and machine learning-enabled computing, Arm will be central to this transition,” said the filing.

“We are working with leading companies such as Alphabet, Cruise LLC, Mercedes-Benz, Meta and Nvidia to deploy Arm technology to run AI workloads.”

The move to list Arm comes after a proposed $40 billion sale to Nvidia collapsed in February 2022 because of “significant regulatory challenges” over competition concerns.

US media have reported that Arm could hold a market valuation of at least $60 billion. The company has nearly 6,000 employees. Arm had revenues of $2.7 billion in 2023, roughly flat compared with last year.

© 2023 AFP