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In May 2021, the Canadian high-speed connectivity solutions provider Alphawave IP listed on the London Stock Exchange. The business decided to go public to power its growth plans in the face of strong customer demand. Those dynamics, coupled with the company’s intention to establish its headquarters in the UK – where there has been an absence of listed companies in this sector – resulted in Alphawave IP achieving the largest semiconductor IPO in history1.

Leading-edge technology

Semiconductors are an essential part of the core infrastructure, enabling next-generation services in data centers, artificial intelligence, 5G wireless, data networking, and autonomous vehicles. Alphawave IP designs leading-edge semiconductor IP which is embedded in global network and computer systems to enable data to travel faster, more reliably and with higher performance at lower power. Their technology serves a critical need given exponential data growth across the globe.

The decision to headquarter and list in the UK

With a total addressable market estimated at $50 billion globally, Alphawave IP made the move to extend their growth and leadership through a public offering. The decision to list on the London Stock Exchange was significant for the company for a range of reasons. The silicon IP industry started in the UK with firms such as ARM and Imagination, but international acquisitions of both companies many years ago left a gap of listed companies in the UK.  Alphawave IP aimed to tap into a pool of knowledgeable UK-based investors who would be eager to once again participate in the industry’s growth.

The $1.2 billion IPO provided Alphawave IP with the capital not only to recruit more top engineering talent and expand its customer base, but crucially, to setup a research and development headquarters in Cambridge, England.

London was the obvious venue for the listing of our silicon IP business because both the industry and the business model were born in the UK. We are pleased to have executed against our IPO plans successfully, ahead of schedule and supported by a strong UK investor base, alongside a distinguished list of blue-chip investors across the US, Canada and Europe. I’d like to thank the Barclays’ ECM and Technology coverage teams for their support during this significant milestone for the company.
John Lofton Holt, Executive Chairman of Alphawave IP

Alphawave IP was evolving rapidly from a Canadian headquartered business founded in 2017, to a global business positioning itself for its next stage of global growth, it therefore needed an investment banking partner who matched their ambitions, but also had a deep understanding of both the UK ECM market and the semiconductor industry. Barclays’ Equity Capital Markets and Technology coverage teams were well positioned to support Alphawave IP as Joint Global Coordinator, collaborating closely to bring an optimal offering to market. Leveraging deep relationships with institutional investors around the world, the Barclays team helped drive a successful prelaunch effort to drive interest.

We’re delighted to partner with Alphawave IP, especially given they are such pioneers in building efficient high-speed chips with applications across multiple industries. Their rapid growth, coupled with strong investor demand for tech listings in the UK, meant that the quality of the investment case strongly resonated with the market. We’re proud to have helped position them to achieve their goals.
Lawrence Jamieson, Head of UK ECM, Barclays

1(Dealogic, as at June 2021)

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