Payments company Wise is in talks with the UK's financial regulators about going public via a direct listing, the Financial Times reported.
- The London-based business, which recently rebranded from Transferwise, is expected to float in June and is seeking a valuation of as much as $10 billion. It was most recently valued at $5 billion in July following a secondary share sale co-led by Lone Pine Capital and D1 Capital Partners.
- Direct listings are quite rare in the UK compared with other markets like the US, where the structure has been used by companies including Spotify and Slack. Often referred to as "introductions" in the UK, they are typically used by companies that are already listed in another market or carved out from an existing business.
- Wise's listing will be a huge boost for the London Stock Exchange following Deliveroo's disappointing IPO last month. The UK has been keen to relax listings rules to entice more tech companies to its market.