An auction process has begun to determine fintech Wise’s share price ahead of its official London trading debut later on Wednesday, and the indicated mid-price was 750 pence at 0745 GMT. The bid-ask spread was wide at 500 pence to 1000 pence.
Wise shares are officially slated to start trading at 10:00 GMT.
The cross-border payments company, one of Britain’s most well-known fintech unicorns, last month launched the first ever direct listing on the London Stock Exchange, which allows for a stock market listing without a public offering of shares.
Several tech companies such as Deliveroo, Trustpilot and Moonpig have already listed in London this year and helped push initial public offerings (IPO) to a record high.
In addition to this, the Wise deal is seen as a crucial test for Britain’s future as a fintech hub in the wake of Brexit.
($1 = 0.7248 pounds) Reporting by Abhinav Ramnarayan; Editing by Dhara Ranasinghe and Kirstin Ridley