Alphawave IP Group raises $1.2 billion in London IPO

(Reuters) - Alphawave IP Group PLC has sold 856 million pounds ($1.20 billion) of shares in its London initial public offering the company said on Thursday, in a deal that values the Toronto-based semiconductor technology provider at 3.1 billion pounds.

The company, which designs semiconductor technology it licences to other businesses, priced its shares at 410 pence each, having earlier set a range of between 375 pence and 430 pence.

It sold 360 million pounds in new shares while existing equity holders sold down 496 million pounds worth, listing around 28% of the business.

Its shares will begin trading at the market open on Thursday.

($1 = 0.7118 pounds)

(Reporting By Rachel Armstrong; editing by Carolyn Cohn)