SoftBank's Arm Ltd targets valuation up to $70 billion in September IPO, Bloomberg reports

Aug 2 (Reuters) - British chip designer Arm Ltd is targeting an initial public offering (IPO) at a valuation of between $60 billion and $70 billion as soon as September, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The roadshow is scheduled to start in the first week of September with pricing for the IPO to come in the following week, Bloomberg said.

The chip designer, owned by SoftBank Group Corp (9984.T), opens new tab, filed with regulators confidentially for a U.S. stock market listing in April, setting the stage for this year's largest initial public offering.

Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, people familiar with the matter told Reuters in April.

Arm's designs are used to manufacture chips made by most of the world's major semiconductor companies, including Intel, AMD (AMD.O), opens new tab, Nvidia (NVDA.O), opens new tab and Qualcomm (QCOM.O), opens new tab. It was not immediately clear what impact any IPO investment by one or more of those companies would have on Arm's commercial relationships.

Earlier this year, Arm rebuffed a campaign from the British government to list its shares in London and said it would pursue a flotation on a U.S. exchange.

Arm and SoftBank declined to Reuters' request for comment.