On Wednesday, according to data from Refinitive, Wise’s Class A shares are indicated to open at 750 pence in an auction, giving it a market capitalization of more than $9.66 billion (over 7 billion pounds).
Ahead of its official London trading debut, an auction process is on to determine Wise’s share price ahead. As on 0745 GMT the indicated mid-price was 750 pence. The bid-ask spread was wide at 500 pence to 1000 pence.
Wise shares are officially slated to start trading only at 10:00 GMT.
Wise, a cross-border payments company, is one of Britain’s most well-known fintech unicorns. In June it launched the first ever direct listing on the London Stock Exchange.
Several tech companies including Moonpig, Deliveroo, and Trustpilot have already listed in London this year; the method helped them push initial public offerings (IPO) to a record high.
In addition to this, the Wise deal is seen as a crucial test for Britain’s future as a fintech hub in the wake of Brexit.
($1 = 0.7248 pounds)