TechnologySilicon connectivity firm Alphawave targets $4.5 bln London listing
ReutersMuvija MPaul Sandle
4 minutes read
Alphawave, a Toronto-based silicon IP firm, is planning to list in London to expand the reach of its chip connectivity technology and could be valued at up to $4.5 billion based on cornerstone agreements with two major investors.
About $500 million would be raised by issuing new shares, it said, and existing investors would also offer stock.
Alphawave, founded in 2017 and profitable since 2018, said BlackRock (BLK.N) and Janus Henderson (JHG.N) had agreed to subscribe for $510 million of offer shares at a price that would give the firm an equity value of up to $4.5 billion at admission.
A Canadian chip designer is planning a £3billion float in London, which is a major vote of confidence in the Square Mile as a destination for technology firms.
Paying tribute to rivals such as Arm and Imagination Technologies, Alphawave IP said it chose the City because of the UK’s ‘incredible technology and semiconductor industry’.
The firm is jointly headquartered in London and Toronto and is planning a research and development base in Cambridge, adding to the growing cluster of firms that have led the area to be dubbed ‘Silicon Fen’.
Tech triumph: Canadian chip designer Alphawave IP is planning a £3bn float in London
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