British semiconductor and software design firm Arm has filed for its Initial Public offering (IPO) in the US on 21 August, making it the biggest listing of the year.

The company said that it has filed a registration with the US Securities and Exchange Commission (SEC) to list the company’s share on the Nasdaq Global Select Market, with an undisclosed amount of share and at what valuation.

This comes after several delays in SoftBank’s plans to list the firm following the $40 billion Arm sale to Nvidia over antitrust concerns.

This Arm listing will be the largest in the US since Rivian Automotives $13.7 billion offering in October 2021.

The company is expected to capitalise on the Artificial Intelligence boom, given many tech giants, including Apple and Nvidia, use its chips.

Earlier, Arm was planning to raise between $8-10 billion from the IPO, but now it is expected to raise less after SoftBank bought the 25% stake in the company.

Arm’s listing comes at a time when several major chipmakers have warned of a cyclical downturn for the industry, with Taiwan Semiconductor Manufacturing warning that a boom in AI may not be sufficient to offset the decline.