London based financial technology company Wise is set to have an $11 billion (8 billion pounds) market capitalization after its direct listing on the London Stock Exchange.
The shares will make their market debut on July 7 in which the company indicated they will open at 800 pence. The auction process has already kicked off to determine the price of Class A Wise shares ahead of the market debut.
Wise is expected to set a record for London listings this year and also pave way for other rapidly growing Britain based companies in the fintech sector to hit the capital markets and seek investors.
Wise is among the most used financial technology companies across Britain, the company opted for a directed listing since it allows a company to list its shares in the market without passing the initial public offering stage.
“We could see the valuation touch 9 billion pounds through the course of the day. We are bullish on the firm and the longer-term prospects beyond today,” said director at Atlantic Capital in London, John Woolfitt.