PRESS: Fintech firm Wise in talks over direct listing in London

(Alliance News) - Fintech Wise is in talks with UK regulators over going public via a direct ...

Alliance News 16 April, 2021 | 6:53AM
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(Alliance News) - Fintech Wise is in talks with UK regulators over going public via a direct listing, the Financial Times reported on Friday.

Wise, formerly known as TransferWise, is aiming to list in June and has been discussing the mechanics of a direct listing with the UK Financial Conduct Authority, the FT reported, citing people close to the company.

One of the people said the timing and structure of the deal were not finalised yet, but the company had decided on a direct listing in London as its preferred route.

https://www.ft.com/content/22740210-4f83-44e3-9b31-6e6deb82717c

One of the most well-known direct listings of the past few years was that of Spotify's in 2018. The method essentially allows private stakeholders to start trading their shares on a public exchange, avoiding underwriting fees and restrictions on stock sales by current owners.

The method appears to be gaining in popularity.

Gaming platform Roblox – which has skyrocketed in popularity among kids and teens during the coronavirus pandemic – made its Wall Street debut last week as a direct listing.

More recently, cryptocurrency exchange Coinbase selected a direct listing in New York and began trading earlier this week, with its value at one point on its debut topping USD100 billion.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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