Payments firm听Wise is seeking the first direct listing of a technology company on the London听Stock Exchange.听听
In contrast to a traditional Initial Public Offering, a direct听listing is a fairer, cheaper and more transparent way for听a company to broaden its ownership.听
Wise听says听the move is aligned with听its mission to move money around the world faster,听cheaper and more conveniently.听
The London company听plans to establish a customer shareholder programme,听OwnWise, which听will reward customers joining as shareholders after admission.听听
OwnWise,听now听open for pre-applications from UK eligible听customers, provides participants with the chance to receive bonus听shares in Wise, representing 5% of the value of the shares they buy and hold听for at least 12 months听–听based听on market value at the time of purchase听–听up to a听cap of 拢100, amongst other perks.听
All existing investors, including the company鈥檚 team of current and听previous听employees who hold options and shares, will be offered time-limited听enhanced voting shares.听
The direct listing is possible due to the company鈥檚 sustainable approach to听growth. Wise has been profitable since 2017听and听reached听拢421 million of revenue in FY2021.听听
The company has听no plans to raise primary capital听and will trade on the main market of the London Stock Exchange.听
鈥淲ise is used to challenging听convention, and this listing is no exception,鈥� said CEO and co-founder听Kristo听K盲盲rmann.听听
鈥淲e鈥檙e fixing a huge, structural problem on a global scale, and one which requires听enormous discipline to solve. Operating sustainably, with a profit margin, helps us听track our journey to lower prices for customers as we scale and remove costs.听听
鈥淏y听bringing transparency and fairness into how we price our products, we鈥檝e found a听common ground of creating massive value for our customers,听and also听for our听shareholders.听
鈥淏ringing in the people we serve as owners of Wise is something I鈥檝e long wanted to听do. Recently, we welcomed our first customer owners by gifting shares to a group of听1,800 active customers. Because of the long-term nature of our mission, we鈥檝e always听chosen shareholders with an understanding of, and passion for, the problem we鈥檙e听solving.听听
鈥淎 direct listing, combined with a widely available dual class share structure,听allows us to bring customers and other like-minded investors into our shareholder听base, whilst keeping the focus on our deeply ingrained mission as we grow at speed.鈥�