With its official London Stock Exchange trading debut to commence on Wednesday, fintech company Wise is expected to receive a market capitalization of 7 billion pounds ($9.66 billion). This comes after it was indicated that the company’s Class A shares would open at 750 pence (approximately $10) each at an auction.
At the auction, which was arranged to determine Wise’s share price ahead of its official stock market debut, the bid-ask price varied between 500 pence and 1,000 pence, indicating a wide spectrum of opinions on the matter. Officially, Wise is expected to start trading at 10:00 AM GMT.
Founded in 2011 by Estonian businessmen Kristo Käärmann and Taavet Hinrikus, Wise specializes in providing fintech services such as online money transfers and multi-currency accounts. The company, formerly known as TransferWise, has risen to become one of the United Kingdom’s most prominent fintech unicorns.
Last month, the company made history by launching the first-ever direct listing on the London Stock Exchange, whereby a company goes public without including a public offering of shares.
Wise is just one in a long list of companies from the fintech space that have been listed on the London Stock Exchange this year. Deliveroo, Moonpig, and Trustpilot all went public earlier this year, consequently pushing IPOs to a record high.
