Software Firm Visma Chooses London For IPO – Report

Visma, the €19 billion software group backed by private equity, has provisionally selected London over Amsterdam for its planned initial public offering next year, according to the Financial Times.

The decision would mark a rare boost for London’s struggling stock market, which has seen a wave of delistings and minimal IPO activity in recent years. 

According to the Financial Times, the UK's deep capital markets drove the choice and a stronger presence of investors focused on British equities compared to Dutch counterparts.

Visma, which provides accounting and payroll software to small and medium-sized businesses, has been majority-owned by British private equity firm Hg since it took the company private in 2006 at a valuation of around £380 million. 

Hg and its co-investors now own roughly 70% of the company, with the remainder held by minority shareholders, including Singapore’s GIC and US firm TPG.

The Financial Times said Visma’s size may have made it “too big to keep fully private.” 

The IPO is reportedly contingent on UK government and stock exchange reforms, including the ability to include euro-denominated stocks in FTSE indices.

The report states that in 2024, Visma reported €185 million in pre-tax profit on €2.8 billion in revenue, with free cash flow of €885 million. 

Bank pitches for the listing are expected to begin this week, said the Financial Times.