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Chip designer Arm (ARMHF) said it confidentially submitted a draft registration statement with U.S. Securities and Exchange Commission for an initial public offering.
The size and price range for the proposed offering have yet to be determined, Arm (ARMHF) said in a statement on Saturday.
ARM, which is owned by Japanese conglomerate Softbank (OTCPK:SFTBY), is looking to raise at least $8 billion to $10 billion through the IPO, which will be listed on the Nasdaq, according to a Reuters report.
The IPO could be held as soon as this fall, with Arm valued between $30B and $70B. Goldman Sachs, JP Morgan and Mizuho are said to be leading the IPO process, with other investment banks expected to join in as it progresses, according to a Financial Times report earlier this month.
Arm (ARMHF) reportedly last month determined it won’t sell shares on the London exchange and will instead only list the chip designer in New York this year.