U.K. microchip giant Arm announced on Saturday that it filed with regulators to sell its shares in the U.S.

U.K. microchip giant Arm announced on Saturday that it filed with regulators to sell its shares in the U.S.  The move sets the stage for what may be the largest initial public offering (IPO) in the U.S. this year. ARM's microchip designs are used by firms like TSMC, Samsung, and Apple to develop processors. The company plans to raise between $8B and $10B when it lists its shares on the Nasdaq stock exchange later this year. The size of the IPO and its timing remain subject to fluctuating market conditions, according to sources cited by CNBC. Arm-owner SoftBank announced the filing despite ongoing stock market volatility and economic uncertainty. Japanese conglomerate SoftBank acquired ARM for over $32B in 2016. The chip designer announced in March that it would not seek a U.K. listing in the near future despite being founded in the country.