Canadian Chip Designer Alphawave Sees Shares Slump 19% in London IPO

LONDON — Shares of Canadian chip designer Alphawave IP crashed as much as 19% in the company's debut on the London Stock Exchange on Thursday morning. Alphawave and its shareholders sold £856 million ($1.2 billion) worth of shares at £4.10 per share, giving it a market value of £3.1 billion. The company sold £360 million new shares, and existing shareholders sold down stock worth roughly £496 million. Approximately 28% of the business was listed.