Hopes that British chip technology firm Arm Ltd could list on the London stock market in 2023 have been dashed.
Arm’s owners, Japanese conglomerate SoftBank Group, have said they will pursue a US-only listing this year, ending speculation about a primary or a secondary listing in the UK.
Arm isn’t completely ruling out an eventual London listing, saying it intended to consider a subsequent IPO there in due course.
But, Arm Chief Executive Officer Rene Haas said in a statement that:
“After engagement with the British Government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a U.S.-only listing of Arm in 2023 is the best path forward for the company and its stakeholders,”Arm used to be listed in London, before accepting a £24.3bn offer from Softbank in July 2016 (when the slump in the pound after the Brexit vote made it cheaper to buy a UK company).