British chip designer Arm has registered for a listing on New York’s Nasdaq in a move which it hopes will raise up to £8 billion.

The firm was listed in London and New York when it was bought by Japan’s SoftBank Group Corp in 2016 in a deal worth £23.4bn.

In March Arm said it would not look to list its shares in London this time in a blow to the City.

Arm designs the microprocessors used in a vast range of electronic devices, including smartphones, tablets and laptops. 

The Cambridge-headquartered company’s technology is also used in various other applications such as servers, IoT devices and automotive systems.

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SoftBank will retain a majority shareholder in Arm following the listing.

The deal is “subject to market and other conditions and the completion of the SEC’s review process”, said SoftBank.

It added: “SBG does not expect that any such offering would have a material effect on its consolidated results or financial position.”

Softbank was forced to call off its planned $40bn sale of Arm to Nvidia last year after facing regulatory hurdles in the UK, US and EU.

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