The chip designer Arm Holdings, which is funded by SoftBank Group, stated in its application for a U.S. initial public offering (IPO) that is anticipated to be the largest listing of the year that its annual revenue fell 1% as a result of a slowdown in smartphone sales.

Its IPO is anticipated to revive the sluggish IPO market, which over the past year has seen many high-profile businesses postpone their intentions to list owing to market turbulence.

The British company has fared better than others during the crisis in the chip sector and is expanding into markets that are still thriving, such cloud computing.

Arm’s sales decreased to $2.68 billion for the fiscal year that ended on March 31, primarily due to a decline in global smartphone shipments. The quarter ended June 30 saw a 2.5% decline in sales, at $675 million.

In its most recent fiscal year, Arm reported that consumer electronics and cellphones accounted for more than 50% of its royalty income. According to Counterpoint Research, the global smartphone market is on pace to fall to its lowest level in a decade this year.

Despite heavily depending on royalties from cellphones, Arm’s revenue has only slightly decreased, which means its per-chip prices have gone up.

The business, whose chip technology powers the majority of devices, including iPhones, did not disclose the quantity of shares it planned to sell or the price it would seek for them.

According to prior reports from Reuters, SoftBank (9984.T) intended to sell approximately 10% of Arm’s shares in the IPO and was aiming for a price of $60 billion to $70 billion for the chipmaker.

After SoftBank acquired the 25% share in Arm that it did not already directly control from its Saudi-backed Vision Fund, Arm is now anticipated to raise less money from the IPO than it had originally planned to, raising only $8 billion to $10 billion.

In its filing on Monday, SoftBank confirmed the agreement with the Vision Fund. The Japanese conglomerate’s stock increased 1.4% at Tuesday’s closing price.

According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, “they (market conditions) look a little more clement compared to the volatility which hit the tech sector last year, but recent summer weakness is clearly pushing the firm to list Arm sooner rather than later.”