Sunak’s move to sweet talk Arm into London listing cheered by tech chief
Rishi Sunak’s move to restart efforts to woo Arm into a London listing have been cheered by a top tech chief today, who said winning the chipmaker’s listing would be “significant vote of confidence in the UK market”.
Sunak reportedly met with Arm’s chief Rene Haas last month in a bid to secure London a role in the Cambridge-based firm’s much anticipated shift onto the public markets, the Financial Times reported.
Boris Johnson’s government desperately tried to charm Arm and its owner, Japanese investment giant Softbank, in a bid to tempt the firm into a ‘home’ listing in London, after a takeover by its rival Nvidia fell through last year. But discussions were reportedly scuppered by his resignation.
However, sources told the Financial Times that Sunak’s meeting with Haas were “very constructive” and “positive”. City minister Andrew Griffith has also reportedly been dragged in to the lobbying efforts and has been involved in talks with Softbank.
Softbanks’ chief Masayoshi Son has publicly favoured a listing on New York’s Nasdaq exchange but a dual listing could also reportedly be under consideration.
Tech Nation chief Gerard Grech cheered the news today and said listing in both New York and London could spread its investor base.
“To have a listing in London would be seen as a significant vote of confidence in the UK market, while for Arm tapping into both exchanges could potentially increase its access to capital,” Grech said.
“The UK is globally recognized for cultivating start-ups and scale-ups, helping them to become the new generation of global companies, like Cambridge-based Arm,” he added.
Softbank is reportedly looking to sit out the global tumult that has rocked markets rather than list the firm in the first quarter of this year.
Arm, Softbank and the Cabinet Office did not immediately respond to City PM’s request for comment. The three declined the FT’s request for comment.