Money transfer group Wise is hoping to be the first to join London’s stock market through a so-called “direct listing”. This club may end up having a membership of one, writes dasha_reuters
Payments firm Wise, formerly known as Transferwise, announced on June 17 it would seek a direct listing on the London Stock Exchange. The approach allows the company, which facilitates cross-border transfers, to list its shares without allocating new or existing stock to investors. Insiders expect the company to be valued at up to 9 billion pounds, Sky reported on June 15.
Wise said it will have a dual-class share structure. Existing shareholders as of May 23 will have the right to receive class B shares for half of their holding. Class B shares hold nine votes per share, are non-transferable and expire on the fifth anniversary of the listing. Founder and Chief Executive Kristo Kaarmann is entitled to receive additional corresponding class B shares on a 1:1 basis for each of his class A shares.
Voting rights attached to the Class B shares will be capped so that no shareholder has more than 35% of the votes, except Kaarman, whose votes will be capped at just below 50%. Wise has been profitable since 2017, with revenue growing an average 54% over the last three years. The company reported revenue of 421 million pounds in the year ending March 31. Wise said it had no plans to raise capital.Currency exchange rates are displayed on a board in Rio de Janeiro, Brazil, June 8, 2018.
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