Visma selects London for €19b tech IPO
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The news: Visma, a private equity-backed software group has chosen London for its initial public offering in 2026, the FT reports.
The numbers: Visma was bought by UK buyout firm Hg in a 2006 take-private, valuing the company at around £380 million ($798.6 million). Hg has reinvested in Visma several times since then through newer funds, but the business is potentially too big to keep fully private. Since Hg’s purchase Visma has grown through 350 acquisitions.
Having considered an IPO in 2023 but opting instead for a private share sale to investors, including Altaroc and Jane Street, the company was valued at €19 billion.
Hg currently owns around 70% of Visma with co-investors, and plans to retain a stake in the company long-term.
Visma reported €185 million in pre-tax profits in 2024 from €2.8 billion in revenues. Its free cash flow was €885 million, the FT notes.
The context: The listing would be a win for the London Stock Exchange, which has been squeezed by a strong outflow of companies shifting primary listings away from London, or take-private deals. In 2024, 88 companies delisted or moved their primary listing from the LSE, replaced by just 18 companies.
Despite efforts by regulators to improve the listing environment, the bourse is also struggling to attract new listings as companies see greater investment and volumes more attainable in the US.
Visma’s decision to list on the LSE is dependent on the implementation of long-awaited reforms promised by the UK government. Sources told the FT that London beat-out other exchanges because of its deep capital markets and the presence of more investors who focus solely on UK stocks than those buying exclusively Dutch equities.
