Chip designer Arm has for an initial public offering, which is expected to be the biggest IPO of the year. The UK-based company announced on Monday that it’s applied to sell shares on the Nasdaq stock exchange in the US — a move that is a big blow to its home country. Arm is reportedly eyeing a valuation of between $60bn (€55bn) to $70bn (€64bn). The lofty target stems from the ubiquity and efficiency of Arm’s semiconductor architectures — particularly in mobile devices. Arm estimates that more than 99% of the world’s smartphones use Arm-based chips. In recent years, however,…This story continues at The Next Web