British chipmaker Arm edges closer to mega $70bn IPO

The Cambridge-based tech company’s public debut is expected to be the largest IPO this year and could rival other big public offerings by Alibaba and Facebook

Arm, the British semiconductor company currently owned by SoftBank, the Japanese investment group, took a step closer to its planned initial public offering (IPO) later this year as investors bet the once-obscure designer of phone chips can flourish in the era of artificial intelligence computing.

The planned IPO, which is set to be largest of the year, is expected to value the Cambridge-based tech firm at between $60 billion and $70 billion. In a long-awaited ...