LONDON (Reuters) -Canadian semiconductor technology company Alphawave raised its 2021 guidance on Tuesday after reporting strong demand for its connectivity solutions in its maiden results since it listed in London in May. Shares in the company, which were priced at 410 pence in the public offer, rose 10% to 377 pence in early deals, giving it a market value of 2.5 billion pounds ($3.42 billion). Executive Chairman John Lofton Holt said the share performance since listing reflected “pretty rough” markets for tech companies, but the company was confident the successful execution of its strategy would be reflected in the stock price. Alphawave, which licenses its high-speed data transmission technology to five out of eight of the world’s largest chipmakers, reported revenue of $27.6 million for the six months to end-June, up 140% year-on-year. Adjusted core earnings more than doubled to $13.9 million, with a margin of 50%. It said it expected full-year revenue to exceed $75 million, representing over 125% growth and ahead of 100% guidance at the IPO, with its margin expected to increase to more than 55%. Lofton Holt said Alphawave was the first to deploy its technology at seven, six and five nanometers, and last quarter was the first at four nanometers. “Now we are looking at three nanometer and beyond with our semiconductor manufacturing partners TSMC and Samsung,” he told reporters. He said shortages in the semiconductor sector was more of an opportunity than a headwind, largely because the licences Alphawave were selling were for technology that would not go into production for several years. “As a result of chip shortages, more countries and more companies are investing in new foundries,” he said. “This investment in new foundry capacity is an opportunity for us.” ($1 = 0.7310 pounds)