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The British financial technology company Wise announced on Thursday that it expects to submit a public listing on the London Stock Exchange through direct listing.
Wise, formerly known as TransferWise, said it was looking for a direct listing, not an initial public offering, as it did not need to raise new capital. Direct listings allow companies to go public without involving mortgagors or issuing new shares.
The company announced that its debut in the stock market will be the first direct listing of the technology company in London.
Wise, founded in 2010, says it has 10 million customers who use its money transfer service to send միլի 5 billion ($ 7 billion) a month. The company competes with incumbent presidents, including Western Union և MoneyGram, as well as start-ups such as Revolut և WorldRemit.
The news of Wise’s debut marks a major victory for Britain, which hopes to persuade larger tech companies to find themselves in London rather than New York. The government is considering proposals to ease London listing rules, which would make it easier to issue double-decker shares, which would give founders and early sponsors more control.
“We are taking steps to become a public company that is transparent and fair,” Christo Carman, co-founder and co-founder of Wise, told reporters on Thursday.
“We chose a straightforward list because everyone has the same opportunity to have a piece of Wisdom, from large establishments to customers. It’s cheaper than an IPO, which helps us cut costs և and ultimately helps us lower prices. ”
Wise was last privately valued at $ 5 billion during the sale of secondary stock last year. Because the company is listed directly, there will be no stock pricing process that companies will normally go through in an IPO. According to a Sky News report, the company seeks to estimate up to և 9 billion on its list. The leaders of the company said that the price will be determined by the market.
Wise selects a dual-share standard structure for the London Stock Exchange. The company has announced that it intends to issue two classes of shares: Classes A և B. Class B shares will be entitled to nine additional votes per share. They are non-commercial, will not be registered, will expire on the fifth anniversary of the Wise listing, the company said.
The structure means that Kaarman will have more voting rights than other investors, but no existing shareholder will have more than half of the voting rights by simply holding Class B shares. In the past, investors have expressed concerns about the management of dual-category structures, but Weiss says its structure is fair and democratic.
Deliveroo, which chose a double-decker structure, fell by about 30% on one of the worst IPOs in the history of London on the first day of trading in March. However, the shadow of the food delivery app overshadowed other issues, including attitudes toward concert staff and profitability issues.
Wise, which has been profitable since 2017, says it earned, 30.9 million from 4 421 million in fiscal year 2021. Profit more than doubled from տարվա 15 million last year, while revenue rose 39% to 2 302.6 million.
Wise said it would introduce a client-shareholder program called OwnWise that would allow users to take ownership of the company. Customers participating in the Scheme program will be entitled to a maximum of 100 100 worth of bonus shares after 12 months. They will also receive other bonuses, such as two-year “mission day” invitations.
“I hope Wise has paved the way for public markets for UK technology companies to ensure that we have a thriving technology landscape for decades to come,” said Stephen Kelly, President of Tech Nation.
“The UK needs more poster kids և models to inspire the next generation, it’s good to see Wise Men living up to their values by joining the London listing family.”
Goldman Sachs, Morgan Stanley և Barclays will be on the Wise list as key financial advisors, and Citi will act as an advisor.