The owner of British chipmaker Arm is asking banks vying to be part of the firm’s flotation to underwrite a loan of about $8bn, Bloomberg reports.
Japanese conglomerate Softbank is looking to float Arm after a blockbuster takeover deal from American rival Nvidia fell through amid regulatory pressures in the US, UK and Europe.
Softbank boss Masoyoshi Son said that the firm was now intending to take the firm onto the public markets, with the Nasdaq stock exchange earmarked as the preferred location.
The move to list one of Britain’s most exciting and strategically important tech firms in New York has sparked a charm offensive from political stakeholders in the UK who are keen to see the firm go public on the London Stock Exchange.
Arm named a new chief executive last week to lead it into the flotation, which is expected to come before March 2023.