Arm Holdings Ltd. filed its long-awaited initial public offering late Monday, following last year's failed bid by Nvidia Corp. to acquire the U.K.-based chip architecture company.

Arm has reportedly been seeking to raise $8 billion to $10 billion at a valuation of $60 billion to $70 billion, which would make its IPO the biggest of the year so far, and several large tech companies, including Amazon.com Inc.(NASDAQ: AMZN), Intel Corp.(NASDAQ: INTC), and Nvidia (NASDAQ: NVDA) are reportedly in the mix to be anchor investors. 

In a late Monday filing with the Securities and Exchange Commission, Arm said it was offering to list its U.S. traded shares on the Nasdaq under the ticker symbol “ARM.”

Arm reported $524 million in net income on $2.68 billion in revenue in its fiscal 2023, which ended in March, according to the filing. Arm's 2023 revenue was slightly down from the company's 2022 sales of $2.7 billion.

Arm, which is owned by Japan’s SoftBank Group Corp.(TYO: 9984), was the target of an unsuccessful $40 billion acquisition by Nvidia last year. After Nvidia scrubbed the deal and paid a $1.36 billion breakup charge following the U.S. Federal Trade Commission’s unanimous decision to block it, Nvidia disclosed it paid Arm $750 million for a 20-year license to its technology.

Recent reports said SoftBank was in discussions to purchase the 25% stake in Arm that it does not outright own, which is held by its Vision Fund 1, ahead of the IPO.

About Arm

Arm is a technology company that was established in 1990 as a joint venture between Acorn Computers, Apple Computer, and VLSI Technology. The company was publicly listed on the London Stock Exchange and the Nasdaq Stock Market from 1998 until 2016 when it was taken private by SoftBank Group, its controlling shareholder. 

Arm's main goal is to develop high-performance, power-efficient processors that are easy to program and readily scalable, and it has over 5,900 full-time employees across North America, Europe, and Asia, with global operations and research and development centers in the U.K., Europe, North America, India, and Asia-Pacific. The company's headquarters are located in Cambridge, U.K.

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