UK fintech giant Wise, initially known as TransferWise, opened at 8 pounds a share on Wednesday’s London debut. The price gives the company a valuation of 8 billion pounds or $11 billion.
- Wise’s listing is a win for London, which aims to become a leading tech hub after the UK’s withdrawal from the EU.
- Wise shares rose to a high of about 8.31 pounds before dropping lower to 8.26 pounds in afternoon trading.
- The tech giant debuted on the London Stock Exchange through direct listing, with its private backers selling existing shares to the public.
- Wise has been profitable since 2017, doubling its profits to 30.9 million pounds in 2021 while revenues jumped by 39% to hit 421 million pounds.
- Wise CEO expects listing on LSE to allow more access to the global capital markets
Wise’s market cap of $11 billion more than doubles $5 billion private valuation in 2020, with the company touted as one of the biggest and best fintech unicorns in Britain.