The wise straight list will be valued at more than $ 11 billion by the fintech company Reuters

By Abhinav Ramnarayan and Thyagaraju Adinarayan

LONDON (Reuters) – Wise shares said they would open 825 pence on Wednesday, which would give the tech company a market capitalization of £ 8.2 billion ($ 11.322 billion), Refinitiv prices said.

Prior to the official London trading debut, the auction process to determine the price of Wise Class A shares has begun and the indicated price has been 820 pence at 0936 GMT. The bid bid at the auction ranged from 450 cents to 1000 cents.

As of 0936 GMT, nearly 37 million shares had been traded in the pre-opened auction.

The wise stocks, which will officially start trading at 1000 GMT, will set a record high on the London charts and pave the way for many other growing British companies in the financial technology field, a dozen investors, entrepreneurs and experts told Reuters.

The cross-border payment company, one of Britain’s most popular fintech unicorns, launched a live listing on the London Stock Exchange last month, allowing it to trade without a public offering of shares.

“(We) could see £ 9bn all day,” said John Woolfitt, director of London’s Atlantic Capital. “In terms of business and the longer term, we’re now beyond that.”

Wise, which began under the name Transferwise, was valued at £ 5 billion to £ 6 billion in April, sources told Reuters.

Several technology companies Deliveroo, Trustpilot and Moonpig have already been listed in London this year and have helped achieve the initial public offering (IPO) record.

“It’s certainly helpful to have well-known brands with high-success stories in home markets. So far they are few, but the more they market the better,” said Daniel Turgel, M&A and corporate internship partner. White & Case-n.

($ 1 = 0.7242 pounds)