SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO
- Chip design behemoth pursuing New York listing for time being
- Arm may pursue secondary listing in London later, but unlikely
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Arm Ltd. has decided against selling shares on the London Stock Exchange for now, dealing a blow to UK politicians who were lobbying the home-grown technology giant ahead of its initial public offering.
The SoftBank Group Corp.-owned company will instead focus on a sole listing in New York for Arm later this year, people familiar with the matter said, asking not to be identified because the information isn’t public. The company is keeping its headquarters in Cambridge, England, for the time being and hasn’t ruled out the potential for a secondary listing in London down the road — but one is not likely, the people said.