Fintech company Wise rose in its direct listing debut with an $11 Billion valuation on the London Stock Exchange in the largest such deal ever, bolstering Brexit Britain’s capital-market hopes, Bloomberg reports.
The money-transfer company opened at 800 pence, giving it a market capitalization just shy of 8 billion pounds ($11 billion). That’s more than double the $5 billion valuation in a July 2020 fundraising round.
The company eschewed a traditional IPO, opting not to raise fresh funds. Instead, shareholders were offloading a stake of at least 2.4% directly into the open market.
The international money-wiring company, formerly known as TransferWise, claims to have revolutionised cross-border transactions by cutting out exchange rate markups charged by banks.
The business, created by two Estonians set to become billionaires in the float, announced the direct listing in mid-June. Read more.
