SoftBank-owned chipmaker Arm Holdings filed for an initial public offering (IPO) on the Nasdaq exchange on Monday.

Arm will offer American depositary shares (ADSs) representing ordinary shares of Arm, which are currently owned by SoftBank. "As a result of SoftBank Group's ownership, after the completion of this offering, we will be a 'controlled company' within the meaning of Nasdaq rules," the chipmaker noted. The company also said it will trade under the ticker symbol ARM. In a filing with the United States Securities and Exchange Commission (SEC), Arm noted it's net income in its fiscal 2023 ending March 2023 stood at $524 million, while its revenue landed at $2.7 billion.

In May, Arm filed confidentially for a United States stock market listing after initially planning to list in London.