The British chip designer, Arm Ltd. is looking to go public in an IPO that could be valued as high as $55 Billion making it the largest IPO of the year.

Softbank, Arm’s owner, is looking to sell 10% of the company with shares costing between $47 and $51. Arm’s management has begun meeting with potential prospective investors to gain support for the IPO.So far numerous tech companies, many of whom are customers of Arm, have already stated that they intend to purchase shares of the upcoming IPO as soon as it is available.

The current valuation of the IPO is not set in stone and the total valuation could range from $48 to $54 billion. It is likely that the company will announce its final decision on the valuation next week.

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‍Source: Bloomberg