Following one of the most challenging dealmaking climates in decades, a period marked by a sharp decline in investor enthusiasm for large public offerings, British chip-making giant ARM is gearing up for a groundbreaking initial public offering (IPO).

According to data from Mergermarket, there were 1,380 IPOs (excluding SPAC listings) recorded globally in 2022, representing a 42% decline compared to the previous year, with a total of $153.9 billion raised. Meanwhile, not a single tech deal managed to raise $1 billion throughout the entirety of 2022, a stark contrast to the 15 IPOs in 2021, as reported by FactSet. Market trends also showed a continued slow pace of IPOs in 2023.