7th Jul 2021 09:42
(Alliance News) -Â Wise PLC's shares were admitted to London's Main Market on Wednesday, though the fintech firm faces a protracted opening auction following its direct listing, in place of a traditional initial public offering.
Wise, which has recently been rebranded from TransferWise, provides money transfer services.
Upon listing, Wise will have a dual class share structure with 'A' and 'B' shares in order to "support Wise's focus on its mission as it transitions into the public markets". Its entire issued class 'A' share capital, comprising 994.6 million shares, has been admitted to trading on London's Main Market, it confirmed early Wednesday.
Class 'B' shares hold 9 votes per share, are strictly non-transferable and, amongst other voting right cancellation events, expire on the fifth anniversary of any listing. The 'B' shares will not be listed. The company will not set a price for class 'A' shares, with the price instead to be determined in Wednesday's opening auction.
Susannah Streeter, senior investment & markets analyst at Hargreaves Lansdown, said: "As this is a direct listing, there will be a lengthy opening auction period from 7.50am to establish the opening share price. Trading is expected to commence just after 11.00am and we would expect it to be a volatile affair.''
As of around 0920 BST, Wise's opening auction was still in process.
By Lucy Heming;Â [email protected]
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