LONDON Reuters Wise shares opened at 800 pence on its stock market debut on Wednesday, giving the financial technology company a market capitalisation of 7.95 billion pounds 11 billion, well above market expectations from earlier this year.
In April, sources had told Reuters the crossborder payments company was targeting a valuation of around 67 billion, and recent press reports also quoted similar valuation levels.
This strong result crowns a recordbreaking year for London listings and could pave the way for several other fastgrowing British firms in the financial technology sphere, a dozen investors, entrepreneurs and experts told Reuters.
We could see the valuation touch 9 billion pounds through the course of the day, said John Woolfitt, director at Atlantic Capital in London. We are bullish on the firm and the longerterm prospects beyond today.
The opening price on the first ever direct listing in London was in line with an auction process in the preceding hours, which saw indicated price range between 750820 pence. As of 0936 GMT, nearly 37 million shares had traded in the preopen auction.
The crossborder payments company, one of Britains most wellknown fintech unicorns, last month launched a direct listing on the London Stock Exchange, which allows for a listing without a public offering of shares.
Wise has a distinct advantage over peers like Western Union and Moneygram because origination is 100 digital and they dont have to maintain a network of physical…