The Mitsui-backed online money transfer service has taken an LSE spot and had a $12bn market capitalisation following its first day of trading.

UK-based cross-border wire transfer service Wise floated on the London Stock Exchange (LSE) on Wednesday in a direct listing, allowing conglomerate Mitsui to sell its shares to the public.

The company’s shares closed at £8.88 a share on their first day of trading, giving it a valuation of nearly £8.8bn ($12bn). It had been seeking a valuation between $6bn and $7bn before the listing, a source familiar with the matter told the Wall Street Journal.

Founded in 2011 as TransferWise,…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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