Sam Nussey, Krystal Hu, and Anirban Sen

(Reuters) – SoftBank Group Corp plans to make a pick Goldman Sachs Group Inc (NYSE) was the leading underwriter for the Arm Ltd initial public offering. According to three sources, the value of the British chip-designing company could reach $60 billion.

After SoftBank’s $40 billion deal to sell Arm (NASDAQ:) Corp to Nvidia Corp failed last month due to objections by U.S. antitrust regulators. SoftBank said that Arm will be listed on Nasdaq as soon as March 2023.

SoftBank interviewed several investment banks in preparation for Arm’s IPO over the past few weeks. They asked them to promise to provide a credit card line. We don’t know how much Goldman Sachs would offer for a credit card line.

Bloomberg News last month reported that SoftBank had asked banks to obtain an $8 billion loan for a margin tied to Arm’s IPO stock.

Sources, who asked anonymity due to the confidentiality of the preparations, warned that SoftBank’s plans are subject to market conditions, and may decide not to go ahead with the deal. SoftBank, Arm, and Goldman Sachs did not respond to requests for comment.

SoftBank bought Arm in private for $32 Billion. This is the technology that powers Apple’s iPhone, and almost all other smartphones.

SoftBank claims that Arm saw a 40% increase in net sales to $2 billion during the nine months ending December due to strong demand for chips. This bodes well to the IPO but it will not be enough for SoftBank in the near term for Nvidia’s lost deal. Arm’s stock price rose to $80billion after a rally in Nvidia shares. This was due to their cash-and–stock merger agreement.

Masayoshi Son, founder of SoftBank, stated last month that the company would aim to list Arm in the largest IPO. SoftBank will likely list Arm in America, but it has yet to decide the place of flotation.

SoftBank made an announcement to sell Arm and Nvidia to Nvidia in 2020. But the U.S. Federal Trade Commission sought to block it in late 2013. The U.S. Federal Trade Commission argued that it would harm competition in new markets for chips in autonomous cars, as well as a new class of networking chips.

It was also scrutinized by regulators in Britain, the European Union, and has yet to be approved in China.

Arm named Rene Haas chief executive after Simon Segars’ deal was cancelled. Haas is a veteran in the sector and joined Arm in 2013, having previously spent seven years with Nvidia.

Arm licences its technology and architecture to companies such as Qualcomm Inc (NASDAQ) Inc, Apple Inc(NASDAQ:) and Samsung Electronics Co Ltd. These customers design chips that can be used in everything from smartphones to computers.