On Thursday, Wise, a prominent cross – border payment company in the UK, announced its plan to move its primary listing to the United States, dealing another blow to the London Stock Exchange (LSE).
Dual – Listing Strategy Unveiled
In its full – year financial report, Wise revealed that it intends to adopt a dual – listing approach. The company will transfer its primary listing center to the US while retaining a secondary listing in London. “This strategic move will allow Wise’s shares to be traded concurrently on stock exchanges in the United States and the London Stock Exchange,” the company stated in the financial report.
Market Reaction and Current Valuation
Reacting to the news, Wise’s shares listed in London surged by 7% during early trading on Thursday. Wise made its initial public offering (IPO) on the London Stock Exchange in 2021, with an initial valuation of £8 billion (around $10.84 billion). As per LSEG data, the company’s current market capitalization stands at £11.07 billion.
A Symbolic Loss for the UK
The initial listing of Wise in London was regarded as a symbolic win for the UK. At that time, the government led by then – Prime Minister Rishi Sunak was actively striving to encourage more global tech firms to select London as their IPO destination. However, Wise’s decision to shift its primary listing now presents a significant setback to these efforts.
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