British Microchip giant Arm files for IPO in US to raise $10 billion

British microchip designing giant Arm has filed to sell its shares in the US, setting the stage for what could be the biggest stock market listing this year.

The Cambridge-based firm is reportedly aiming to raise up to $10 billion, the BBC reported.

In a blow to the UK, the company said in March that it did not plan to list its shares in London.

Arm was bought in 2016 by Japanese conglomerate Softbank in a deal worth 23.4 billion pounds.

At the time Arm was listed in London and New York, BBC reported.

The firm designs the tech behind processors — commonly known as chips — that power devices from smartphones to game consoles.