Wise's record breaking direct listing has come as a relief to other tech firms aiming to go public in the coming months, the bankers managing those deals and to post-Brexit London.
"London has the potential to be a global fintech centre, and someone like Wise listing on the stock markets gives other companies options," Rosh Wijayarathna, a managing director in the corporate banking division at Silicon Valley Bank, said. "The Wise listing has been a huge success and very positive for the London market in terms of validating it as a great listing location for high growth tech and fintech companies," James Fleming, Citi's co-head of banking, capital markets and advisory in the UK and Ireland, said.
But while Wise has raised hopes, potential market debutants and their bankers will first watch carefully how Wise shares trade after their initial jump. A sharp stock slide could easily undermine confidence and dent London's listing ambitions.Professor John Colley, Associate Dean at Warwick Business School, has doubts over the valuation implied by such prices, especially given fierce competition in the payments sector.
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