Alphawave IP drops 18% in London market debut

Thursday, 13. May 2021 10:15

Shares of Canadian chipmaker Alphawave IP Group Plc dropped 18% as the company debuted on the London Stock Exchange on Thursday at 337 pence a share.

Earlier, Alphawave priced its initial public offering (IPO) at 410 pence a share, which valued the company at £3.1 billion. The Canadian firm sold £856 million of shares in the IPO, out of which £360 million were new shares and £496 million were sold down by existing equity holders.

"London was the obvious venue for the listing of our silicon IP business because both the industry and the business model were born in the UK," Executive Chairman John Lofton Holt said ahead of the company's market debut.

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Breaking the News / NP