In a significant development for the financial landscape, British fintech company Wise announced its intention to relocate its primary listing to the United States, further complicating the situation for the London stock exchange. Revealed in its full-year earnings report, Wise plans to establish a dual listing, where its main trading hub will transition to a U.S. exchange while still retaining a secondary presence in London. This move will enable Wise's shares to be traded on both a U.S. stock exchange and the London Stock Exchange (LSE). Following the announcement, Wise's shares surged, closing up 7.1% after a peak rise of nearly 11% earlier in the trading day. The company made its initial public offering on the London market in 2021, achieving a valuation of £8 billion ($10.84 billion) at that time. Currently, Wise's valuation stands at £11.07 billion, according to data from LSEG. This initial listing was celebrated as a victory for the U.K. amid efforts by then-Prime Minister Rishi Sunak's government to attract more global technology firms to London for their IPOs. However, the recent trend has raised concerns about London's capacity to host significant tech listings, with criticisms focusing on the market's liquidity and the availability of industry expertise necessary for such transactions. The challenges facing London are not confined to the tech sector. Just a day prior, Cobalt Holdings, backed by Glencore, announced the cancellation of its plans for a public offering in London, which was anticipated to be the largest listing in the U.K. capital since early 2024.
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