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Softbank Group Corp. said Tuesday it plans an initial public offering for Arm Ltd. after Nvidia Corp. abandoned a proposed acquisition of the chip designer in the face of fierce opposition from regulators and customers.

The Japanese company is aiming for an IPO in the fiscal year ending in March 2023. Arm Chief Executive Officer Simon Segars resigned, and President Rene Haas will take over the role, people familiar with the matter said earlier.

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