Arm CEO says chip design company is 'committed' to IPO this year
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Arm CEO Rene Haas said on Tuesday that the semiconductor design company will have an initial public offering this year and is "committed" to making it happen.
"The plans are actually fairly well developed and underway now," Haas said in an interview with Reuters. "We're doing everything we can and are committed to have it happen this year."
Separately on Tuesday, tech conglomerate SoftBank (OTCPK:SFTBY), Arm's parent company, reported a 6% year-over-year rise in third-quarter total revenue, due in part to 28% rise in sales for Arm.
Arm's chip designs are used in devices all over the world, including Apple (AAPL) products. Nvidia (NVDA), AMD (AMD), Qualcomm (QCOM) and a host of others also license intellectual property from Arm.
Last month, it was reported that Britain's Prime Minister Rishi Sunak held talks with SoftBank (OTCPK:SFTBY) about a London-based initial public offering for Arm.
Arm scrapped plans for a London listing in July due to the political situation in the U.K. government at the time. Seeking Alpha reported that the resignations of a U.K. investment minister and digital minister, who had played leading roles in talks with SoftBank (OTCPK:SFTBY) led to the breakdown in talks.
SoftBank (OTCPK:SFTBY) had discussed listing some of its stake in Arm on the London Stock Exchange and in New York, after previously saying it would only list in New York.
Japanese-based SoftBank (OTCPK:SFTBY) purchased Arm in 2016 for $32B.
In late October, SoftBank (OTCPK:SFTBY) Chief Executive Masayoshi Son proposed a "comprehensive, long-term partnership" between the British chip intellectual property company and Samsung.