Alphawave’s London Debut Falls Victim to Global Tech Selloff
- Stock drops on first trading day, falling 16% after IPO
- Investors say Alphawave priced its IPO too expensively
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Alphawave IP Group Plc sank 9.8% on its first day of trading in London as the global tech selloff hammered shares of the semiconductor company.
Alphawave, a Canadian company which works on increasing semiconductor power efficiency and speed, priced its shares too expensively given the current environment, investors said. The company raised 856 million pounds ($1.2 billion) in the initial public offering, implying a valuation of 3.1 billion pounds for the whole firm.