Alphawave IP Group PLC, the Toronto-based computer chip maker, has priced its planned initial public offering (IPO) on the London Stock Exchange at between 375p and 430p per share, according to reports.
The company, which licences its semiconductor designs to other businesses in a model similar to UK chipmaker ARM Holdings, will at the current price range achieve a valuation of up to £3.2bn at float.
READ: Computer chip maker Alphawave IP targets London IPO
Alphawave is planning to raise a total of £810mln through its IPO, which is expected to occur at some point this month.
Announcing its plans to float back in April, Alphawave said it is “growing rapidly” and has a strong pipeline of customers comprising some of the world’s largest tech firms, adding that it has been profitable since its first full year of operation and that from 2019 to 2020 revenues have increased by over 200% year-on-year.