SoftBank Group was tipped to generate a minimum of $8 billion in a US listing of its chip design business Arm, with various media reporting the Japanese giant planned to get the ball rolling on the process next month.

Reuters reported SoftBank is gearing up to file paperwork for the long-awaited listing in late April, with a quartet of investment banks already chosen to underwrite the move.

Arm aims for a valuation of more than $50 billion, the news outlet added.

SoftBank initially aimed to conduct an IPO in the opening months of this year, but the process was delayed by an uncertain global economic outlook.

Executives with the UK-based chip designer and its parent previously noted there was no rush to conduct an IPO despite their appetite to move as quickly as markets allowed.

The decision to pursue the move solely in the US is a blow to UK government ambitions to convince SoftBank to conduct a full or partial listing in the nation, an appetite reportedly diminished by upheaval in the country’s ruling political party during 2022.

Bloomberg reported the decision to list in the US does not preclude a separate move in the UK at a later date and indicated Arm remained committed to the nation, with plans to maintain its headquarters and open a new facility.