8/22/2023 0 Comments Sources wetransfer 1b ipo ipoSusannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted the direct listing system is “viewed as cheaper and simpler than a traditional IPO” where the process is managed by expensive investment banks who underwrite shares and find institutional investors to buy them. Wise, however, is the first tech company to complete a direct listing in the U.K. The trend began in 2018 when Spotify joined the New York Stock Exchange, which was followed by other household names such as Slack, Coinbase and Roblox. Kristo Kaarmann, co-founder and chief executive, said the direct listing allowed the company to broaden Wise’s ownership in “a cheaper and more transparent way” than a traditional stock market launch.ĭirect listings have become increasingly popular among technology companies in the U.S. Today’s direct listing does not involve any fresh capital but will allow Wise’s existing shares to traded on the LSE. Wise (formerly TransferWise) will now join the ranks of other recently marketed multibillion-dollar unicorns, which include Revolut and. The listing is another big win for London, which has been bending rules to build up its fintech sector following its departure from the EU. As such, the price was determined through an extended three-hour opening auction, rather than through a traditional book-building process in which a company’s bankers ask institutional investors in the days before the IPO to submit bids for the number of shares and the price they would be willing to pay. The founders of the company took the company public using a direct listing, which does not involve raising new capital or bringing in new investors like in a formal IPO process. on Wednesday was met with strong investor appetite, with bids ranging from 100p to 1,000p for shares priced at 800p (about $11). fintech market following the country’s rocky exit from the European Union. In the first ever direct listing of a tech company on the LSE, the company was valued at a market capitalization of £8 billion ($11 billion), making a big splash in the burgeoning U.K.
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