Arm, owned by Softbank Group, is planning a $52 billion IPO in September.

The IPO will attract large investments from tech market giants such as Apple, Nvidia, Samsung and Google.

The debut is expected to be the largest in 2023 and could be a game changer for the sluggish IPO market.

Arm, the chip developer owned by Softbank Group, could be valued at $52 billion in an initial public offering on Nasdaq, according to an updated filing on Tuesday.

Softbank will offer 95.5 million American depositary shares and target a sale price of $47 to $51 per share, representing about 10% of its outstanding shares.

The company expects to raise up to $4.87 billion, but even at the low end, it will be the largest U.S. IPO this year. Strong demand ahead of the IPO could push the price higher.

No company has come close to this scale of a public market debut since Rivian in late 2021.

The British company, which develops chips used in most smartphones, was previously listed in London and New York before being acquired by Softbank in 2016 for $32 billion. The new target valuation is lower than the $64 billion for which Softbank bought a 25 percent stake from its own Saudi Arabia-managed Vision Fund last month.

After going public, Softbank will retain control of about 90% of Arm’s shares.

Final pricing, as well as a debut on the Nasdaq exchange, is scheduled for next week. The company will be listed under the symbol “ARM.”