British chip designer Arm has officially filed to go public in New York in what is expected to be the largest listing of the year.
The company is set to begin investor roadshows in the first week of September, with the Cambridge-based chipmaker planning to price the initial public offering (IPO) the following week.
The Telegraph says the highly-anticipated IPO in the US comes after Rishi Sunak, the Prime Minister, failed to convince Arm to float in London or pursue a dual UK-US listing.
Arm's decision to list in New York rather than London has fuelled fears that the City is losing its competitiveness to Wall Street, where valuations are typically higher.
The listing marks Arm's return to the public stock markets, having previously been a member of the FTSE 100 until its takeover by Softbank's Vision Fund, the investment arm of the Japanese conglomerate, for £24billion in 2016.
The tech giant, whose products feature in about 90% of the world's smartphones, said it expects to list on the Nasdaq under the ticker symbol ARM, according to paperwork filed with the US Securities and Exchange Commission on Monday.
Transition
The filing said: "As the world moves increasingly towards artificial intelligence and machine learning-enabled computing, Arm will be central to this transition."
The filing does not reveal Arm's planned offering price nor how many shares it plans to issue, however the firm is reportedly seeking a record valuation of £55billion.
Softbank will remain the controlling shareholder of Arm once the chipmaker begins trading.
The documents also revealed that Arm's financial performance was hit by a global slowdown in smartphone shipments last year.
Wall Street investment banks Goldman Sachs and JP Morgan, plus Japanese mega-bank Mizuho have been appointed to oversee the IPO.
Founded in 1990
Arm was founded in 1990 and has been referred to as the "crown jewel" of the UK's technology sector.
Reports in January said the PM had restarted talks with Arm's owner about listing on the London Stock Exchange.
But the firm said it did not plan to pursue a UK listing, saying the US was "the best path forward".
But Arm's chief executive Rene Haas has said the company will keep its material intellectual property, headquarters and operations in Britain.
FTSE 100
The UK's top share index, the FTSE 100, was up 17 points at 7,274 shortly after opening this morning, following yesterday's four-point fall.
Brent crude futures slipped 0.17% to $84.32 a barrel.
Companies reporting today