Wise (formerly TransferWise) confirms direct listing on the LSE in early July, reportedly at a $6B-$7B valuation
Following Wise’s announcement earlier this month that it planned to go public by way of a direct listing on the LSE, today the company made the news formal with a regulatory filing. The London-based company — formerly known as TransferWise and primarily in the business of transferring money across different currencies — with 10 million users said it plans to list in “early July 2021” but did not provide further details on pricing of its class A shares, in keeping with how direct listings work. It’s been reported, however, that the plan is for the valuation to be in the range of $6 billion to $7 billion with the listing.
(Overall, Wise has put in place a dual-class share structure in place with two classes of shares in issue, class A shares and class B shares, in order to support Wise’s focus on its mission as it transitions into the public markets, it noted. Class B shares are not tradeable.)
“The Company will not set a price in respect of the class A shares or offer any class A shares in connection with the direct listing,” it noted in the statement. “The opening …read more
Source: Tech Crunch