SoftBank Group is considering listing some of its stake in chip designer Arm Ltd. on the London Stock Exchange.
Softbank is switching from an earlier plan to only use the US market.
Should Softbank decide to also list Arm in the UK, the Japanese company will likely still conduct its initial public offering in New York, per Bloomberg.
The size and timing of the sale hasn’t been finalized and plans for the listing still may change, according to Bloomberg.
Arm was one of the UK’s most important technology companies before the purchase and still has the majority of its operations there.
An IPO that would list only in the US would be a blow to the UK government and capital market.
Prime Minister Boris Johnson has led overtures to senior SoftBank management in a attempt to convince them to list ARM in the UK.
However, a secondary UK listing comes with limitations, including ARM’s exclusion from the FTSE 100, where it once was the largest tech company in the index.
Arm sells and licenses technology that’s used by semiconductors in everything from smartphones to super computers.
SoftBank founder Masayoshi Son said he plans to sell a portion of Arm before the end of the company’s financial year next March.
Tokyo-based SoftBank is seeking a valuation of at least $60 billion for Arm, Bloomberg has reported.