UK fintech firm Wise, formerly known as TransferWise, has announced plans to go public through a direct listing on London Stock Exchange.
The payment firm said that is expecting a direct listing rather than an initial public offering (IPO) as it is not seeking to raise new capital.
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Direct listing enables companies to go public without issuing new shares.
It allows existing shareholders of the company to sell shares to the public, without the usual lockup-period regulations associated with traditional IPOs.
Wise said in a statement: “By doing a Direct Listing, we are ensuring everyone gets the same opportunity to own a part of Wise as large institutions.
“We’re allowing our existing shareholders to sell on their own terms and allowing the open market to set a price in a transparent way that’s fair for all.”
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By GlobalDataWise has not revealed a target valuation for the listing. The debut trading price for the firm’s shares will be based on auction.
The deal could value Wise at over $7bn (£5 bn), reported Sky News, citing people familiar with the matter.
The stock will begin trading in London in the second week of July, according to terms seen by Bloomberg.
Wise was launched in 2011 by Taavet Hinrikus and Kristo Kaarmann with the aim of helping people move money across borders and into different currencies more easily and at reduced rates.
It currently claims to have more than 10 million customers.
Recently, the firm expanded its footprint to India with the launch of foreign exchange service.
Last month, the London-headquartered firm partnered with Google Pay to allow Google Pay users in the US to send money to users in India and Singapore.
The same month, Wise joined Temenos MarketPlace with the aim of bringing low-cost international remittances to banks worldwide.
