Wayve Completes $85 Million Employee Tender on the London Stock Exchange’s Private Securities Market

Autonomous driving AI company Wayve has completed the first transaction on the London Stock Exchange’s (LSE) Private Securities Market. The $85 million employee tender offer provided liquidity to staff with vested equity through a permissioned auction. The transaction was facilitated by Stifel, Crowdcube, Latham & Watkins, and Deloitte.

The LSE’s Private Securities Market is built upon the UK Government’s PISCES framework. It allows private businesses to conduct intermittent liquidity auctions using public market infrastructure without going public. This system enables companies to retain control over trading frequency, investor access, and pricing, whilst offering shareholders and employees a new route to liquidity.

Following a May 2025 UK Government update, Enterprise Management Incentive (EMI) and Company Share Option Plan (CSOP) options can now be exercised and sold on PISCES venues whilst maintaining their tax-efficient status. This regulatory alignment provides private firms using the platform with a valuable mechanism to incentivise and retain talent.