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Bank of Montreal
Symbol BMO
Shares Issued 647,059,842
Close 2021-04-22 C$ 113.93
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Globe says BMO gets slice of Alphawave IPO in London

2021-04-23 08:14 ET - In the News

The Globe and Mail reports in its Friday edition that Toronto start-up that has rapidly emerged as a critical technology supplier to global semiconductor makers has filed to go public on the London Stock Exchange, sporting a unicorn-sized valuation into the billions of dollars. The Globe's Sean Silcoff writes that Alphawave IP Group PLC said Thursday it plans to list in Britain, home to a thriving semiconductor industry, selling up to $500-million in new shares and holdings from existing investors (all figures U.S.). Fund giants BlackRock and Janus Henderson have agreed to buy another $510-million of stock, valuing Alphawave at $4.5-billion. That makes it the latest Canadian firm to become what is known as a "unicorn" -- tech start-ups that have reached $1-billion valuations. Barclays, J.P. Morgan Securities and BMO Capital Markets are underwriting the deal. The four-year-old company develops "semiconductor intellectual property core," or blocks of intellectual property (IP) it licenses to chip and electronic-equipment makers to embed into their semiconductor designs. Alphawave's specialty is building IP that enables chips to handle faster and more reliable data transmission while using less power.

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