Arm breaks with London for $70bn Nasdaq listing

Likely to be largest IPO this year

British chip manufacturer Arm has confirmed its plans to list on the US Nasdaq, in what is likely to be the biggest stock market float of 2023.

The decision is a blow to London, where Arm was listed for 18 years until it was bought by SoftBank in 2016 in a $32bn deal. That deal received the minimum level of scrutiny by the government, leading to criticism it had allowed Britain's biggest tech success to be bought by foreign investors. In its filing yesterday (22 August) with the US Securities and Exchange Commission, Cambridge-based Arm did not reveal the number of shares it was selling or the pricing of its offering. Softbank's Arm dashes hopes for London listing as it opts for New York Softbank bought a 25% stake in A...