SoftBank Group Corp’s Arm Holdings Ltd is all set to hit the United States stock market and is reportedly to become the biggest initial public offering (IPO) of the year in the US.

In its regulatory filing, the company said that the offering is being led by Barclays Plc, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Mizuho Financial Group Inc. The filing listed 24 other underwriters below the top tier names.

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The launch of the IPO by Arm Holdings would provide windfall for SoftBank as its subsidiary company Vision Fund lost nearly $30 billion.

The company didn’t disclose proposed terms for the share sale in its regulatory filing, but is likely to expect a valuation between $60 billion to $70 billion. It is likely to launch its roadshow in the first week of September this year.

Arm has been aiming to raise between $8 billion to $10 billion in the IPO, which valued the firm at $64 billion, based on the filing. The listing is poised to be the largest in the US since electric-vehicle maker Rivian Automotive Inc.’s $13.7 billion offering in October 2021.

It could rank near or even just below the tech industry’s largest-ever IPOs — Alibaba Group Holding Ltd.’s $25 billion 2014 offering and 2012’s $16 billion debut by Meta Platforms Inc., then known as Facebook Inc.

According to a Bloomberg report, Arm also held talks with some of its biggest customers about backing the IPO. Arm IPO also promises to give the US’s struggling IPO market a boost in almost two years.

“A strong performance from Arm will not only be a major windfall for SoftBank, but also reinforce its AI strategy by showing the market hype around AI hasn’t waned,” said Kyle Stanford, an analyst at PitchBook, was quoted as saying by Bloomberg.

Arm sells the blueprints needed to design microprocessors, and licenses technology known as instruction sets that dictate how software programs communicate with those chips. The power efficiency of Arm’s technology helped make it ubiquitous on phones, where battery life is critical.

The company is further looking to expand beyond the smartphone market, which has reportedly stagnated from the past few years.

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SoftBank will remain the controlling shareholder of Arm after it begins trading, according to the filing. SoftBank, based in Tokyo, has acquired substantially all of the Vision Fund’s 25% stake in Arm for $16.1 billion.

The paperwork also confirmed that Arm saw its revenue decline about 1% in its last fiscal year. The company’s sales fell to $2.68 billion for the year ended March 31, according to the document.