The latest news about Wise (formerly TransferWise)’s flotation is that its CEO and early investors will “retain control”, says Sky.
Wise is planning to float on the London Stock Exchange.
Sky News has reported that it is proposing a dual-class share structure.
This would mean that Wise’s CEO and Co-Founder Kristo Kaarman, as well as early investors, would be able to retain more voting rights.
What does this mean?
While the special shares would give more power to the Wise team than would otherwise be the case in a listing, the report points out that diversifying the special shares on offer – between early investors including Andreessen Horowitz, Baillie Gifford and Sir Richard Branson – should “allay” some of these concerns.