(Bloomberg) --

Alphawave IP and its holders are looking to raise as much as 810 million pounds ($1.1 billion) in a listing on the London Stock Exchange, adding a rare semiconductor stock to the U.K. market and boosting the City’s attempts to establish itself as a technology hub.

The Canadian company is looking to raise 360 million pounds by selling as many as 96 million shares in an initial public offering, while shareholders plan to offload a stake worth as much as 450 million pounds, according to terms seen by Bloomberg.

The company plans to market shares in the IPO at 375 pence to 430 pence through May 13, with the new stock set to start trading a day later, the terms showed.

The IPO, which will value the company at as much as 3.2 billion pounds, comes as London struggles to profile itself as a global financial center for tech listings. Darktrace Plc listed last week at a lower-than-expected valaution after online food-delivery platform Deliveroo Holdings Plc flopped in its market debut in March.

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