Nikkei Asia reported Tuesday that Arm, SoftBank Group's (TYO:9984) chip design unit, is planning its initial public offering on the Nasdaq in September, with tech giant Apple (NASDAQ:AAPL) alongside Samsung Electronics (KS:005930), Nvidia (NASDAQ:NVDA), and Intel (NASDAQ:INTC), set to invest in the company as soon as it is listed.
Nikkei said the British chip design unit's market capitalization by that time is expected to be over $60 billion, making it the world's biggest IPO so far this year.
The publication's sources told them that SoftBank's official application to the US Securities and Exchange Commission for the listing will occur later this month. It will then look to obtain approval from Nasdaq.
The company is set to float in mid-to-late September and is said to be assessing investor demand. SoftBank's Vision Fund, which owns a 25% stake in Arm, will sell 10% to 15% of its shares on the open market, with chipmakers looking to gain a stake in the company. Currently, SoftBank Group owns the other 75% of Arm.