U.S. Markets close in 3 hrs 10 mins
  • S&P 500

    4,383.21
    -39.09 (-0.88%)
     
  • Dow 30

    34,945.63
    -198.68 (-0.57%)
     
  • Nasdaq

    14,569.36
    -271.35 (-1.83%)
     
  • Russell 2000

    2,177.57
    -39.35 (-1.78%)
     
  • Crude Oil

    71.21
    -0.70 (-0.97%)
     
  • Gold

    1,800.00
    +0.80 (+0.04%)
     
  • Silver

    24.61
    -0.71 (-2.80%)
     
  • EUR/USD

    1.1837
    +0.0029 (+0.2486%)
     
  • 10-Yr Bond

    1.2360
    -0.0400 (-3.13%)
     
  • Vix

    19.99
    +2.41 (+13.71%)
     
  • GBP/USD

    1.3882
    +0.0059 (+0.4234%)
     
  • USD/JPY

    109.6250
    -0.7500 (-0.6795%)
     
  • BTC-USD

    37,760.95
    -1,228.06 (-3.15%)
     
  • CMC Crypto 200

    893.99
    +17.76 (+2.03%)
     
  • FTSE 100

    6,996.08
    -29.35 (-0.42%)
     
  • Nikkei 225

    27,970.22
    +136.93 (+0.49%)
     

Fintech firm Wise gears up to launch direct London listing

·1 min read

(Reuters) -British fintech firm Wise is planning to launch a direct listing on the London Stock Exchange as soon as this week pending regulatory approval, according to a source familiar with the transaction.

The exact timing of the listing depends on final approvals from regulators which means an announcement could yet be delayed until later in the month.

Sky News, who first reported on Tuesday that Wise could launch its listing this week, said the company could target a valuation of up to 9 billion pounds ($12.67 billion).

Sources told Reuters in April that the listing could value the fintech at anywhere between $6 billion to $7 billion.

Wise is expected to use a dual-class share structure, which will give enhanced voting rights for co-founder Kristo Kaarman and some early stage investors, including Richard Branson and Baillie Gifford, the source said.

Goldman Sachs and Morgan Stanley are working on the listing.

($1 = 0.7101 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru and Anna Irrera in London; Editing by Aditya Soni)