We advised the underwriters on the IPO and LSE listing

Davis Polk advised the joint global coordinators and joint bookrunners in connection with the initial public offering by Alphawave IP Group plc. The initial public offering comprised a primary offering of new ordinary shares raising gross proceeds of approximately £360 million for Alphawave IP and a secondary offering of existing ordinary shares raising gross proceeds of approximately £496 million for the selling shareholders including the founders and certain of the directors and senior management of Alphawave IP. The principal selling shareholders provided an over-allotment option. The ordinary shares of Alphawave IP are admitted to the standard listing segment of the Official List of the U.K. Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.

The offering consisted of a private placement to certain institutional investors in various jurisdictions, including the United Kingdom and United States.

Alphawave IP builds industry-leading wired connectivity solutions that enable data to travel faster, more reliably, using lower power. Alphawave IP’s wired connectivity technology is embedded in leading-edge semiconductors built to power global network- and computer-systems that process zettabytes of data. Alphawave IP targets Tier-1 customers in data center, AI, 5G wireless infrastructure, data networking, autonomous vehicles and solid-state storage. Alphawave IP was founded in Toronto, Canada in 2017.

The Davis Polk corporate team included partners Dan Hirschovits and Reuven B. Young and associates Andrew Rowe and Vivek Thanki. Partner Jonathan Cooklin and counsel Dominic Foulkes provided tax advice. All members of the Davis Polk team are based in the London office.

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