Newly listed chip group Alphawave ups guidance after strong first half

LONDON: Canadian semiconductor technology company Alphawave raised its 2021 guidance on Tuesday after reporting strong demand for its connectivity solutions in its maiden results since it listed in London in May.

Shares in the company, which were priced at 410 pence in the public offer, rose 10% to 377 pence in early deals, giving it a market value of 2.5 billion pounds ($3.42 billion).

Executive Chairman John Lofton Holt said the share performance since listing reflected “pretty rough” markets for tech companies, but the company was confident the successful execution of its strategy would be reflected in the stock price.