SoftBank-owned British chip designer Arm Ltd is likely to aim to raise at least $8 billion in its proposed initial public offering in the US this year, Reuters reported.

Goldman Sachs, JPMorgan Chase, Barclays and Mizuho Financial Group are expected to be the lead underwriters for the share sale, the report said. While the valuation range has not yet been finalized, Arm is hoping to be valued at more than $50 billion, people familiar with the matter told Reuters.

Arm, which Softbank acquired for $32 billion in 2016, will be confidentially submitting the paperwork for the IPO in late April, and the listing is expected to happen later in 2023 with the exact timing depending upon market conditions, the sources added.

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SoftBank tried selling Arm to American chip designer Nvidia for $40 billion, but the deal fell through in February last year because of regulatory challenges in both the US and Europe.

The Japanese conglomerate has been looking to list the Cambridge, England-based company ever since, but decided last week to list only on New York’s Nasdaq, despite efforts by the British government to have it dual-list on the London Stock Exchange.

Arm had a dual listing on the LSE and Nasdaq for 18 years before it was bought by SoftBank.

Arm’s IPO would be the biggest in the US since electric carmaker Rivian raised $11.9 billion in November 2021. After a blockbuster 2021, global IPO activity fell by nearly half in 2022 amid torrid market conditions and a massive selloff in tech stocks.