British chip technology firm Arm Ltd, owned by Japanese conglomerate SoftBank Group Corp, said on Friday it will pursue a US-only listing this year, ending speculation about a primary or a secondary listing in the UK.
Still, the company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details.
Arm is the world’s biggest supplier of chip design elements used in smartphones, selling intellectual property to companies such as Apple Inc and Qualcomm Inc
“After engagement with the British Government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a U.S.-only listing of Arm in 2023 is the best path forward for the company and its stakeholders,” Arm Chief Executive Officer Rene Haas said in a statement.
Arm said it would expand further in its home country by opening a new site in the English city of Bristol, with plans to maintain its headquarters, operations and material IP in Britain.
Reuters