UK chip designer Arm delays London listing until well into 2023

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.

The delay was first reported by the Mail on Sunday.

This summer, it emerged that Boris Johnson, then prime minister, joined lobbying efforts already under way by London Stock Exchange executives, government departments and senior officials to try to persuade Arm to float its shares in London.