London Stock Exchange welcomes Alphawave IP Group plc to the Main Market

Today, Alphawave IP Group plc, begins unconditional trading on the Main Market of London Stock Exchange. The listing is the largest admission of a North American company in London Stock Exchange history and is one of the largest semiconductor IPOs in the world so far. 

Founded in 2017, Alphawave IP addresses a critical need in the technology world: it designs industry-leading wired connectivity solutions that enable data to travel faster, more reliably, using lower power. The company’s technology is embedded in leading-edge semiconductors built to power global network- and computer-systems that process zettabytes of data. 

The Company has a proven track record in licensing semiconductor IP globally to many of the world’s leading companies, powering high-bandwidth compute, data centre and network infrastructure, including for 5G. 

Alphawave IP has been profitable since its first full year in operation in 2018. In 2020, it achieved gross margins in excess of 95 per cent. and EBITDA margins of 53.9 per cent. Bookings, reflecting total projected revenues from contracts entered into during the period, increased from USD 27 million in 2019, to USD 75 million in 2020 and exceeded USD 80 million in Q1 2021. Total bookings 2017-2021YTD are nearly USD 200 million. From 2019-2020 revenues increased over 200 per cent. year-on-year

Alphawave IP will use the proceeds from the listing:  
•    to support the Group’s future growth and development by scaling its team globally, enhancing its technology offering and winning new customers and new designs at existing customers; 
•    to continue to expand the Group’s global offering, including in high-growth regions, and further IP offerings to expand subscription and royalty revenue streams; and,
•    to service customer demand for chiplets incorporating the Group’s technologies and IPs, including licensing and manufacturing capabilities, and general corporate purposes. 

John Lofton Holt, Executive Chairman of Alphawave IP, said: “We are proud to be launching on London Stock Exchange. 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. Today is just the start of our journey.”

Tony Pialis, President and Chief Executive Officer of Alphawave IP, said: “We could not have made it here today without the focus and engineering talents of our employees, who have designed cutting-edge IP that enables data to travel faster, more reliably, using lower power. We have one share class structure: the founders, our employees and our future employees – and now our investors – have a common alignment of interest. I would like to thank our Canadian team, who have played a pivotal role in creating the strong foundations for our growth; and also our customers and partners. With our London listing, new research capabilities in Cambridge and funds for investment, our ambition is to extend our global leadership in connectivity solutions.”

Advisors 

Alphawave IP engaged Barclays Bank PLC, acting through its Investment Bank, and J.P. Morgan Securities plc as Joint Global Co-ordinators and Joint Bookrunners, and BMO Capital Markets Limited as Joint Bookrunner. 

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
1,130.44
Listing/Admission to trading
13 May 2021
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