- Money transfer platform Wise will retain a secondary listing on the LSE
Financial tech giant Wise has become the latest business to announce plans to switch its primary listing from London to New York.
The money transfer platform told investors on Thursday the move would boost trading liquidity in shares, enlarge its investor base, and accelerate growth in the United States.
Wise will retain a secondary listing on the London Stock Exchange, where it debuted four years ago in what was the first direct listing in the Square Mile’s history.
However, relocating its main listing to Wall Street would represent another significant blow to the London markets, which has suffered an exodus of companies in recent years.
Paddy Power owner Flutter Entertainment and construction materials supplier CRH both changed their primary listing to the US.
Ashtead Group declared its intention last December to do the same, while drugs giant Indivior revealed on Monday that it would delist from the LSE and keep its primary listing on the Nasdaq.
Wise plans to switch its primary listing from London to New York (Alamy/PA)
In addition, London has struggled to attract initial public offerings, with just five new listings in the first quarter of 2025 and £74.5million in proceeds raised.
Kristo Käärmann, co-founder and chief executive of Wise, said: ‘We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners.
‘These include helping us drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today, and enabling better access to the world’s deepest and most liquid capital market.’
Käärmann started Wise in 2011 with fellow Estonian national Taavet Hinrikus after the duo became frustrated with the costs of sending cash to their home country.
The company’s financial backers have included Sir Richard Branson, venture capital fund Andreessen Horowitz, and Palantir co-founder Peter Thiel.
Wise will ask shareholders to vote in the coming weeks on switching the firm’s primary listing.
Russ Mould, investment director at AJ Bell, remarked: ‘The UK stock market is like a boxer determined to keep going in a gruelling fight.
‘While the FTSE 100’s share price performance might have beaten the main US indices this year, the broader UK stock market continues to take a succession of blows to the head from a reputational perspective.
‘Takeovers are coming thick and fast, IPOs remain scarce, and more companies are looking Stateside for their main stock listing in hope of a higher valuation.’
Wise further revealed on Thursday that its underlying pre-tax profits increased by 17 per cent to £282.1million in the year ending March.
Revenue rose by 15 per cent to £1.2billion, supported by higher interest rates and usage of the Wise account, and active customer numbers growing by 21 per cent to 15.6 million.
Wise shares soared 12.2 per cent to £12.18 on Thursday morning, up more than half from their £8 IPO price.
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