Wise direct listing values ​​fintech company at $ 11 billion By Reuters

© Reuters. FILE PHOTO: The Wise logo can be seen on a smartphone in front of a displayed detail of the same logo in this illustration taken June 18, 2021. REUTERS / Dado Ruvic / Illustration / File Photo

By Abhinav Ramnarayan and Thyagaraju Adinarayan

LONDON (Reuters) – Shares of Wise are expected to open at 800 pence on Wednesday, which would give the fintech company a market cap of 8 billion pounds ($ 11 billion), according to prices from Refinitiv.

An auction process began to determine the price of Class A Wise shares ahead of their official London debut and the price listed was 800 pence at 07:45 GMT. The bid-ask spread in the auction was as wide as 450 pence to 1,000 pence.

Wise shares, which are officially scheduled to start trading at 10:00 GMT, are set to cap a record year for London listings and could pave the way for several other fast-growing UK fintech companies a dozen investors , entrepreneurs and experts told Reuters.

The cross-border payments firm, one of Britain’s best-known fintech unicorns, launched a direct listing on the London Stock Exchange last month, which allows listing without a public offering of shares.

“(We) could see the valuation hit £ 9 billion over the course of the day,” said John Woolfitt, director of Atlantic Capital in London. “We are optimistic about the business and the longer term outlook beyond today.”

Wise, who started life as Transferwise, was valued at £ 5-6 billion in April, sources told Reuters.

Several tech companies, including Deliveroo, Trustpilot and Moonpig, have already been listed in London this year and have helped push initial public offerings (IPOs) to an all-time high.

“It certainly helps to have well-known brands with strong successes in domestic markets. They are rare until now, but the more commercialized they are, the better, ”said Daniel Turgel, partner in M&A and corporate practice at White & Case.

($ 1 = 0.7248 pounds)

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