Fintech startup Wise holds a record IPO for London

The British payment service Wise listed its shares on the London Stock Exchange on Wednesday using a direct listing procedure – when private investors in the company sell their shares on the exchange. Each share was priced at £ 8 per share, and the startup’s market capitalization was £ 8 billion ($ 11 billion). Thus, Wise conducted the largest public offering for technology companies in the history of the London Stock Exchange and the largest public offering overall for London this year.

Wise (originally called TransferWise) was founded in 2011 by Estonians Christo Kaarman and Taavet Hinkirus. Both became billionaires as a result of the company’s listing on the stock exchange. Mr. Kaarman’s stake is now valued at $ 2.1 billion and Mr. Hinkirus at $ 1.2 billion. The company has remained profitable since 2017. At the end of 2021 fiscal year, the company’s profit doubled – to £ 30.9 million, and revenue grew by 39% – £ 421 million.In 2020, the company’s value was estimated at $ 5 billion.

Kirill Sarkhanyants

Leave a Reply

Your email address will not be published. Required fields are marked *