SoftBank plans to split its IPO for UK-based semiconductor company Arm between the London Stock Exchange and US exchanges, Bloomberg reported.
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Citing people familiar with the matter, the report noted that SoftBank will likely still list the majority of its stake in Arm on US exchanges. The size and date of the listing have not been finalized.
Earlier, the UK’s tech minister Chris Philp reportedly said the government was still “working closely” with the management of Arm to list in its home country. Though Philp noted that a dual listing in the UK and US had been used successfully by other companies, he wanted to promote the US as an exclusive venue for listing.
Based in Cambridge, England, Arm was acquired by SoftBank in 2016 for about US$32 billion. Arm produces and licenses chips for technology ranging from smart devices to servers as well as Security Operation Center solutions.
The Japanese investment group is seeking a valuation of at least US$60 billion for Arm. It has decided to sell only a small part of its Arm shares in the IPO, which is expected to occur in the first quarter of next year. Sources previously said that the company aims to get higher valuations for the rest of the shares in the future.
In 2020, SoftBank planned to sell Arm to global chip designer Nvidia for US$40 billion, but the deal fell through due to regulatory issues.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond
Editing by Miguel Cordon and Lorenzo Kyle Subido
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