London’s hopes of attracting more technology companies looking to float on the stock market have received a shot in the arm after the fintech firm Wise chose the City for a rare direct listing expected to value the company at up to £9bn.
The international money-wiring company, formerly known as TransferWise, claims to have revolutionised cross-border transactions by cutting out exchange rate markups charged by banks.
The business, created by two Estonians set to become billionaires in the float, plans to deploy an unusual method to come to market, listing shares for public trading on the London Stock Exchange without issuing new equity.
The float, likely to be seen as a victory for the chancellor’s planned stock market changes, will also break new ground for the City of London.
Rishi Sunak last year commissioned the Tory peer Lord Hill to examine ways to lure fast-growing tech companies away from centres such as…