Canadian chip designer Alphawave sees shares fall 19% on London IPO – fr

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Canadian chip designer Alphawave sees shares fall 19% on London IPO – fr


LONDON – Shares of Canadian chip designer Alphawave IP fell as much as 19% when the company debuted on the London Stock Exchange on Thursday morning.
Alphawave and its shareholders sold £ 856million ($ 1.2bn) of shares at £ 4.10 per share, giving it a market value of £ 3.1bn. The company sold £ 360million of new shares and existing shareholders sold shares worth around £ 496million. About 28% of the company was on the list.

But within hours of trading, the share price fell to £ 3.28, reducing the market cap by more than £ 500million. Shares rallied slightly and were trading at £ 3.33 by 9am London time.

The IPO comes as stock markets around the world take a hit, with the pan-European Stoxx 600 falling more than 1.3% in early trading on Thursday. European markets follow the negative trend seen in Asia-Pacific overnight and the US on Wednesday after the latest US inflation data for April showed higher-than-expected price pressures.

Founded in Toronto, Alphawave announced plans to list on the London Stock Exchange last month, avoiding the tech-focused New York Nasdaq.

John Lofton Holt, executive chairman of Alphawave IP, said in a statement that the company is proud to go public on the London Stock Exchange.

“London was the obvious place to list our silicon IP business, as the industry and business model were born in the UK”

He added: “We are pleased to have successfully executed our IPO plans, ahead of schedule and supported by a strong base of UK investors, alongside a distinguished roster of premier investors. order to USA, Canada and Europe. Today is just the start of our journey. “

Other companies listed on the London Stock Exchange this year include food delivery company Deliveroo, cybersecurity start-up Darktrace, shoemaker Dr Martens, digital greeting card seller Moonpig, and review site. Trustpilot consumers.

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