Chip developer ARM Ltd. has taken the first step in going public. The company has submitted registration papers to the US Securities and Exchange Commission for its planned initial public offering (IPO). However, the scope and price range of the IPO are still to be determined.
This move comes after SoftBank, which owns ARM, attempted to sell the division to Nvidia for $40 billion. However, antitrust regulators in Europe and the US blocked the deal. As such, an IPO has emerged as the alternative.
ARM’s quarterly figures, which showed a 28 percent increase in sales YoY to $746 million, helped prepare the company’s registration statement.
SoftBank is hoping to use proceeds from the IPO to reorganize its Vision Fund, which has seen losses due to falling valuations of technology startups it is invested in.
