Alphawave is latest London tech flop

ALPHAWAVE, the Canadian chip technology designer, slumped on its London debut today.

The four-year-old semiconductor firm selected the capital for its IPO over the Nasdaq and priced its shares at the upper end of its range at 410p — implying a £3.1 billion market value.

But by 9am the shares were trading down as much as 15% at 348.5p. Deliveroo’s float famously flopped in London

this year, but fellow tech firm, cyber security giant Darktrace, saw shares jump as much as 44% on its cautiously-priced IPO last month.

The reception for Alphawave also comes as US investors exit tech stocks, amid concerns inflation and potential higher interest rates will hit returns.

Executive chairman John Lofton Holt said today that “London was the obvious venue for the listing of our business because the industry and the business model were born in the UK”.