SoftBank Group Corp’s chip maker Arm has filed with regulators confidentially for a U.S. inventory market itemizing, Arm stated on Saturday, setting the stage for this 12 months’s largest preliminary public providing.

The IPO registration exhibits that SoftBank is urgent forward with the blockbuster providing regardless of opposed market situations, after saying in March that it deliberate to listing Arm within the U.S. inventory market.

U.S. IPOs, excluding listings for particular objective acquisition corporations, are down about 22% to a complete of simply $2.35 billion year-to-date, in accordance with Dealogic, as inventory market volatility and financial uncertainty put many IPO hopefuls off.

Arm plans to promote its shares on Nasdaq later this 12 months, in search of to lift between $8 billion and $10 billion, individuals acquainted with the matter stated. In a press release, which confirmed an earlier Reuters report on the deliberate IPO, Arm stated the scale and value vary for the providing has not but been decided.

The sources cautioned that the precise timing and measurement of the IPO are topic to market situations and requested to not be recognized as a result of the matter is confidential.

SoftBank and Arm declined to remark.

There are indicators that the IPO market is starting to thaw. Johnson & Johnson is making ready to listing its shopper well being enterprise Kenvue in New York subsequent week, hoping to lift about $3.5 billion.

SoftBank has been concentrating on a list for Arm since its deal to promote the chip designer to Nvidia for $40 billion collapsed final 12 months due to objections from U.S. and European antitrust regulators.

Since then, Arm’s enterprise has fared higher than the broader chip business due to its deal with knowledge middle servers and private computer systems that generate larger royalty funds. The corporate stated gross sales have been up 28% in its most up-to-date quarter.

Arm’s IPO is anticipated to spice up the fortunes of SoftBank, which is battling to show round its large Imaginative and prescient Fund, which has been hit by losses because of the declining valuations of a lot of its holdings in expertise startups.

Earlier this 12 months, Arm rebuffed a marketing campaign from the British authorities to listing its shares in London and stated it might pursue a flotation on a U.S. change.

Arm’s IPO preparations are being led by Goldman Sachs, JPMorgan Chase & Co, Barclays and Mizuho Monetary Group.