SoftBank’s Arm files to list shares in US as London blow confirmed
CityAMMay 01, 2023
British microchip firm Arm has officially filed to sell its shares in the US, having stated in March this year that it did not plan to list its shares in London.
The press release, published on Saturday, stated that Softbank-owned Arm had recently confidentially submitted a draft F-1 form to the US Securities and Exchange Commission (SEC) to hold an initial public offering later this year.
The decision to bail on London's market in favor of the US is a major blow to the UK when considering that Arm's initial public offering will be one of the largest of 2023. The decision is part of a wider move by British-based companies to ditch the UK for overseas markets — this is not a good sign for future trends.
The decision by Arm is a sign that the global initial public offering market is beginning to recover. While the US remains concerned over a recession, decisions by major companies to attract major public funding worldwide — especially in Asia — is a good sign for the global economy overall.