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(Alliance News) -Â Wise PLC shares were admitted to London's Main Market on Wednesday and saw high volatility as trading began following a protracted opening auction after its direct listing.
Wise, which has recently been rebranded from TransferWise, provides money transfer services. It chose to conduct a direct listing in London instead of a traditional initial public offering.
Upon listing, Wise has a dual class share structure with 'A' and 'B' shares, which it said was in order to "support Wise's focus on its mission as it transitions into the public markets". Its entire issued class 'A' share capital, comprising 994.6 million shares, has been admitted to trading on London's Main Market, it confirmed early Wednesday.
'A' shares were trading around 825.00 pence each just after 1100 BST, having opened at 800p. At this level, Wise has a market valuation of GBP8.21 billion.
Class 'B' shares hold 9 votes per share, are strictly non-transferable and, amongst other voting right cancellation events, expire on the fifth anniversary of any listing. The 'B' shares will not be listed. The company will not set a price for class 'A' shares, with the price instead to be determined in Wednesday's opening auction.
By Lucy Heming;Â lucyheming@alliancenews.com
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