Chip firm’s £3bn float

ALPHAWAVE IP has been valued at up to £3.2bn ahead of its London float.

the chip designer is to price its shares at between 375p and 430p for the listing, book runner JP Morgan said. that would value it at between £2.8bn and £3.2bn.

as part of the listing, alphawave is planning to raise funds of £810m.

It will sell about £360m worth of new shares, as well as £450m of existing ones, with at least 25pc of the stock to be free floated.

the joint company, which designs semiconductor technology and licenses it to other firms, also plans to set up a research and development hub in cambridge.

Its business model is similar to cambridge-based chip designer arm.