SoftBank Group Corp. SFTBY own chip manufacturer arm ltd made a confidential submission with the Securities and Exchange Commission for a listing on the US markets

What happened: The Cambridge, UK-based company plans to sell its stake in Nasdaq later in 2023, raising between $8 billion and $10 billion, Reuters reported, citing people familiar with the matter.

Arm reportedly said in a statement that the size and price range for the public offering has yet to be determined.

Both SoftBank and Arm declined to comment to Reuters, while sources told the release that the exact timing and size of the offering will depend on market conditions.

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Why it matters: SoftBank is pushing ahead with the IPO, though such listings, barring earmarked acquisition companies, are down nearly 22% to a total of $2.35 billion year-to-date, Reuters noted.

Arm’s IPO is being led by Goldman Sachs Group Inc GS, JPMorgan Chase & Co JPM, Barclays Plc UCSAnd Mizuho Financial Group Kind regardsaccording to the report.

Last month, Arm rejected calls from the UK government calls for a duplicate listing in the company’s home market, opting for a single US listing instead.

US chip giant Nvidia Corporation NVDA leave Arm’s acquisition last year after the deal met stiff opposition from regulators and customers.

Price promotion: On Friday, SoftBank’s OTC shares closed up 0.2% at $18.70 Benzinga Pro data.

Continue reading: British chip designer Arm seeks manufacturing partners to develop new advanced chip that’s sparking fear among competitors