UK chip designer Arm delays listing until well into 2023

Cambridge-based company blames global uncertainty but says IPO preparations are advanced'

Much-anticipated plans to list the British chip designer Arm on the stock exchange have been delayed by managers who fear the global economic downturn and a slump in tech shares could spook potential investors.

The Cambridge-based company wrote to private shareholders a few days ago, saying the initial public offering (IPO), which could value the company at up to $40bn (34bn), would not take place until well into next year. The company was widely expected to float as soon as the first quarter of next year.