TOKYO: SoftBank Group Corp. said Tuesday that British chip designer unit Arm has filed to be listed on the US Nasdaq stock market.

Arm submitted paperwork for its initial public offering to the US Securities and Exchange Commission on Monday, according to its Japanese parent.

While the IPO price has not been decided, the British firm’s market capitalization is expected to be as high as 70 billion dollars, potentially making it one of the largest IPOs this year.

SoftBank Group said in a statement that it assumes that Arm will remain a consolidated subsidiary after the IPO.

The Japanese company said it does not expect Arm’s IPO to have a material effect on its consolidated results or financial position.

JIJI Press