Alphawave shares slump 18% on London debut

LONDON: Canadian computer chip company Alphawave’s shares plunged by as much as 18% on their London market debut on Thursday, shrinking its value by about 550 million pounds ($562 million) in less than an hour.

The slump comes amid a broader tech stock sell-off and only weeks after food delivery firm Deliveroo fell by as much as 30% on its stock market debut, potentially hurting the London market’s ambitions to attract fast-growing tech companies.

The Toronto-based company and its shareholders earlier sold shares worth 856 million pounds at 410 pence per share, the middle of a previously announced price range, valuing it at 3.1 billion pounds.