Wise’s record-breaking direct IPO will suit other tech companies looking to go public in the coming months along with the bankers who manage them and post-Brexit London.<\/p>\n\n\n\n
Wise, a cross-border payment services company formerly known as TransferWise, made its market debut on Wednesday and became the largest technology company to be listed on the London Stock Exchange.<\/p>\n\n\n\n
Wise’s \u00a37.9 billion valuation and subsequent market performance at its first-ever direct listing in London appear to allay concerns that the company is not as susceptible to technology companies as other locations such as New York and Amsterdam.<\/p>\n\n\n\n
Wijayarathna, whose bank-financed many of the London-listed companies, said there are about 12 technology companies, including several fintech companies, that plan to go public in a year or two.<\/p>\n\n\n\n
The Wise deal was structured as a sale of existing shares, known as a direct listing, rather than a traditional IPO, which could potentially lead the way for others to follow suit.<\/p>\n\n\n\n
Companies like Britain’s Checkout.com and WorldRemit, and Swedish “buy now pay later” giant Klarna, Europe’s largest tech unicorn, are among those considering going public in a year or two.<\/p>\n\n\n\n
But while Wise has raised hopes, potential market debutants and their bankers will first watch closely how Wise shares are traded after their initial jump; a steep slide could easily undermine confidence and hurt London’s ambitions.<\/p>\n\n\n\n
Wise shares began trading at 800 pence and had risen to 960 pence by 1530 GMT on Thursday.<\/p>\n\n\n