UK chip designer Arm Holdings is aiming for a market value of just over $52bn (£41.5bn) following its US stock market flotation, under plans revealed by its Japanese owner.

SoftBank Group said in a regulatory filing it was to offer 95.5 million American depository shares in Arm for $47 to $51 apiece, raising almost $5bn at the top of the range.

The $52bn valuation represents a lower mark than the $64bn SoftBank had initially expected.

The higher figure was used last month as the basis for its purchase of the 25% stake in Arm that it did not own outright.

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The filing showed that SoftBank would own 90.6% of Arm’s ordinary shares once the initial public offering (IPO) closes.

Arm has already signed up many of its major clients as investors in the flotation, including Apple, Nvidia and Samsung Electronics.

The IPO, at the expected valuation, would be the biggest in New York since Rivian’s market debut in 2021.

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London, where Arm was listed until SoftBank’s $32bn buyout in 2016, was snubbed for the listing.

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Arm Holdings must be valued carefully if IPO to be seen as a success

However, it could still prove a boost to the UK economy as its clients, and soon-to-be investors, look to expand their commercial ties with the company.

Arm has said those clients have indicated an interest in buying a combined $735m of the stock being sold.

The firm, which has its headquarters in Cambridge and employs 2,800 staff, is an important cog in the technology sphere as its processor designs are used in the vast majority of the world’s smartphones.

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