UK chip designer Arm starts US listing process after snubbing London

Arm designs are used for semiconductor chips in Apple’s iPhones and laptops, Samsung’s phones and a host of other devices. Photograph: ARM Holdings/PA

The British chip designer Arm has started the process of listing its shares on New York’s Nasdaq, in one of the biggest flotations of recent years after the London Stock Exchange lost out.

The company, owned by Japanese investor SoftBank, registered to list its shares late on Monday night, after months of waiting amid tricky conditions for stock market floats.