Semiconductor specialist Alphawave IP plans $4.5Bn London IPO and move to UK HQ

Alphawave IP is a global semiconductor IP company that focuses on the way semiconductors communicate - something which is going to be crucial as 5G data networks roll out and start to power everything from homes, industry and autonomous vehicles, for instance.

It's therefore interesting to note that the Toronto-born company is planning a London public listing, with a valuation of $4.5bn, and has raised $510m in backing from Blackrock and Janus Henderson. The company will also move its HQ to the UK as part of the listing.

The move is being welcomed by City-watchers concerned with UK tech stock listings, after the collapse of Deliveroo's valuation post-IPO.

Chief executive Tony Pialis said: We have chosen to come to the UK to grow our business because the UK has an incredible technology and semiconductor industry ecosystem around it. There is a deep pool of knowledge, experience, and talent here... We are specialists in connectivity. Our founding team have worked together for over 20 years and have a long history of both semiconductor innovation and in creating significant value for investors."

The proposed listing comes in the context of another UK-based deep-tech company, the proposed sale of computer chip designer Arm Holdings to a US company, which has been delayed subject to an investigation about the implications for UK national security grounds.