Home Naijamerit News Payments firm Wise’s successful float is a relief after Deliveroo flop

Payments firm Wise’s successful float is a relief after Deliveroo flop

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Appetite for shares in the profitable money transfer outfit shows the City can bring off a big tech listing

Blink and you missed it. The UK’s biggest tech flotation happened on Wednesday to about a hundredth of the pre-publicity generated by the over-hyped and under-cooked Deliveroo.

Wise, formerly Transferwise, is a low-fee processor of cross-border payments and very successful – pre-tax profit doubled last year to £41m and the business is still grabbing share from sleepy banks. The reason for the relative lack of fanfare was Wise’s novel approach to joining the stock market: a direct listing in which the shares simply start trading after a three-hour auction to get the show rolling.

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from The Guardian https://ift.tt/3hQ55cm
via Google News

Naijamerit
Author: Naijamerit

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