(CNBC)The British fintech company Wise starts off strongly in its highly anticipated IPO, which gave the company a market valuation of $11 billion.
The money transfer company chose to list in London via direct listing, an uncommon method of going public used by Spotify in the US in 2018.
Wise’s listing is a major victory for London as it pushes to become a global tech hub in the aftermath of the UK’s withdrawal from the EU.
The money transfer giant Wise introduced an unconventional listing program — OwnWise — that allows users to own a stake in the company. The customers taking part in the program were entitled to receive bonus shares valued up to £100 after 12 months.
The company’s market cap of Wise is double the private investors’ evaluation of $5 billion in 2020.
The shares of Wise, previously known as TransferWise opened at a price of £8 at 11 a.m., rising to £8.31 before stabilizing at £8.26.
