SoftBank Group Corp’s chip-maker Arm had filed with regulators confidentially for a US stock market listing, people familiar with the matter said on Saturday, setting the stage for this year’s largest initial public offer (IPO).

While SoftBank had said in March that it had planned to list Arm in the US stock market, the company’s IPO registration showed that it is pressing ahead with the blockbuster offer despite adverse market conditions.

US IPOs, excluding listings for special purpose acquisition companies, are down about 22 per cent to a total of just $2.35 billion year-to-date, according to Dealogic, as stock market volatility and economic uncertainty put many IPO hopefuls off.

Arm planned to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, the sources said.

The sources cautioned that the exact timing and size of the IPO were subject to market conditions and asked not to be identified because the matter was confidential.

SoftBank and Arm declined to comment.

There are signs that the IPO market is beginning to thaw. Johnson & Johnson is preparing to list its consumer health business Kenvue in New York next week, hoping to raise about $3.5 billion.

SoftBank has been targeting a listing for Arm since its deal to sell the chip designer to Nvidia Corp for $40 billion collapsed last year because of objections from US and European antitrust regulators.