SoftBank Group pulled the pin on an IPO of its chip design business Arm, filing a draft registration statement with the US Securities and Exchange Commission on 29 April.

The Japanese group stated the size and price range for the offering are yet to be determined, noting the IPO was subject to market and other conditions and the completion of an SEC review.

SoftBank intends for Arm to remain a consolidated subsidiary after completion of the IPO, which it stated  “will not have a material impact” on its consolidated performance or financial position.

Reuters reported in March Softbank was looking to raise at least $8 billion in the IPO.

Moves to convince SoftBank to hold a listing in Arm’s domestic market of the UK fell through in 2022 after various government ministers resigned.