SoftBank Group Corp’s chipmaker Arm has filed confidentially with regulators to list on the US stock market on Saturday, laying the groundwork for the biggest initial public offering of the year.

The IPO registration shows that SoftBank is pushing ahead with the blockbuster offering despite unfavourable market conditions after it said in March that it planned to list Arm on the US stock market.

US IPOs, excluding listings of special-purpose acquisition companies, are down about 22% this year, totalling just $2.35 billion, according to Dealogic, as stock market volatility and economic uncertainty keep many IPO hopefuls away.

Arm plans to sell its shares on Nasdaq later this year, seeking to raise $8 billion to $10 billion, people familiar with the matter said. In a statement, Arm confirmed an earlier Reuters report on the IPO plans, saying the size and price range of the offering had yet to be determined.

The exact timing and size of the IPO depend on market conditions, people familiar with the matter said.

There are signs that the IPO market is starting to unfreeze. Johnson & Johnson is preparing to list its consumer health business Kenvue in New York next week, hoping to raise about $3.5 billion.

SoftBank has been working to take Arm public since last year’s $40 billion sale of the chip designer to Nvidia collapsed amid opposition from US and European antitrust regulators.

Since then, Arm’s business has outperformed the broader chip industry because it focuses on data centre servers and personal computers that generate higher royalties. Sales rose 28% in the most recent quarter, the company said.

Arm’s IPO is expected to boost the fortunes of SoftBank, which is trying to turn around its sprawling Vision Fund, which has suffered as valuations of many of its tech startup holdings have fallen. Earlier this year, Arm rejected a British government call for a London listing and said it would seek a listing on a US exchange. Goldman Sachs, JPMorgan, Barclays, and Mizuho Financial Group are leading Arm’s IPO preparations.