UK-based fintech company Wise has announced plans to shift its primary stock market listing from London to New York, while maintaining a secondary listing on the London Stock Exchange. The move aims to enhance trading liquidity and raise the company's profile in the U.S. market, which is considered its largest growth opportunity.
Wise's CEO, Kristo Käärmann, stated that the U.S. offers the world's deepest and most liquid capital markets, which would provide better access to investors and potentially facilitate inclusion in major U.S. market indices. The decision comes amid a trend of companies relocating their primary listings from London to the U.S., seeking higher valuations and greater investor interest.
The announcement led to an 8.9% rise in Wise's share price, reflecting investor optimism about the move. However, some analysts have questioned the financial rationale behind the shift, noting that Wise already enjoys a strong valuation and that the U.S. accounts for only 20% of its revenue.
The proposed change is subject to shareholder approval, with a vote expected in the coming weeks. thepaypers.com+1thetimes.co.
reuters.com