It is reported that Arm has secretly submitted an application for IPO listing to US regulators.

CTOnews.com, April 30 (Xinhua)-- Arm secretly submitted its application for listing on the U.S. stock market to U.S. regulators on Saturday, laying the groundwork for the largest initial public offering of the year, Reuters reported.

After Softbank Corp. said in March that he planned to list on the US stock market, he was still pushing ahead with a blockbuster offering despite adverse market conditions, according to initial public offering registration.

According to Dealogic, US IPO (excluding the listing of special purpose buyout company SPAC) has fallen by about 22% so far this year, totaling only $2.35 billion (CTOnews.com Note: currently about 16.262 billion yuan), as stock market volatility and economic uncertainty deter many promising IPO companies.

Arm plans to sell its shares on Nasdaq later this year, seeking to raise $8 billion to $10 billion (currently about 55.36 billion to 69.2 billion yuan), according to people familiar with the matter. In a statement, Arm confirmed earlier reports of the planned IPO and said the size and price range of the offering had not yet been determined.

The source warned that the exact time and size of the IPO depends on market conditions and spoke on condition of anonymity because the matter is confidential.

SoftBank and Arm declined to comment.

Softbank Corp. has been working to take Arm public since Softbank Corp. 's sale of Arm to Nvidia last year for $40 billion (currently about RMB 276.8 billion) fell through due to opposition from US and European antitrust regulators.

Earlier this year, Arm rejected a British government request for a London listing and said it would seek a listing on a US exchange.

Arm's IPO preparations are led by Goldman Sachs, JPMorgan Chase, Barclays and Mizuho Financial Group.