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As London continues to grapple with a decline in major public listings, it may be poised for a rare victory. Visma, a leading Norwegian software firm valued at €19 billion, is reportedly leaning toward the UK capital for its initial public offering (IPO) in 2025. While no final decision has been made, industry insiders suggest that London has emerged as the most likely choice—offering a glimmer of optimism for a financial market struggling to reclaim its former stature post-Brexit.
I. London Regains Some Ground in IPO Market
1. A Welcome Vote of Confidence
Visma’s potential selection of London over Amsterdam is seen as a crucial win for the city’s stock exchange. The decision—first reported by the Financial Times—comes at a time when many high-profile companies have turned their backs on the London market. In 2024 alone, 88 companies either delisted or moved their primary listings to foreign exchanges, marking the highest number of exits since the global financial crisis of 2008–2009, according to EY.
2. Why London?
Visma is believed to be drawn to the UK capital due to its mature capital markets and a larger pool of investors who actively seek out British stocks, compared to those focused on Dutch equities. The city’s reputation as a global financial hub still holds appeal, especially for firms like Visma that seek widespread institutional investor backing.
II. Company Background and Growth Trajectory
1. Origins and Ownership
Headquartered in Oslo, Visma is 70% owned by Hg Capital, a London-based private equity firm. Hg, which ranks as the UK’s second-largest PE firm after CVC Capital Partners, has long prioritized software investments. Back in 2006, it helped take Visma private from the Oslo Stock Exchange, stepping in as a “white knight” investor after a hostile takeover attempt by UK’s Sage Group.
2. Steady Expansion
Since its privatization, Visma has demonstrated consistent quarterly growth, supported by a remarkable 350 bolt-on acquisitions. The company now employs around 16,400 people and services 2.1 million clients across Northern Europe and Latin America. In 2023, it posted €2.8 billion in revenue with nearly 12% organic growth and reported underlying profits of €893 million.
III. Strategic IPO Timing and Market Conditions
1. Reconsidering a 2023 Debut
Visma had originally considered going public in 2023. However, due to widespread market volatility and economic uncertainty, the company opted to raise capital through private investors instead. This cautious approach has allowed the firm to maintain strong financials while biding its time for a more favorable market environment.
2. Contingent on Reform
The IPO decision remains conditional, hinging on successful regulatory reforms promised by the UK government and the London Stock Exchange. These measures are aimed at countering the adverse effects of Brexit and restoring investor confidence in the UK’s financial infrastructure.
IV. Key Players and Stakeholders
1. International Investment Backing
Visma’s ownership structure reflects a robust and diverse investor base. In addition to Hg Capital, major stakeholders include Singapore’s sovereign wealth fund GIC, Singapore’s Intermediate Capital Group, Canada’s CPP Investments, and the U.S.-based TPG. This global investor presence enhances the company’s credibility and market appeal ahead of a public debut.
2. Leadership and Management
At the helm is CEO Merete Hverven, who joined Visma in 2011 and has led the company since March 2020. Under her leadership, the company has navigated expansion, acquisitions, and volatile markets, all while maintaining a focus on long-term value creation. Visma’s management team and employees collectively hold 6.4% of the company’s shares, indicating a strong internal alignment with its growth ambitions.
V. Implications for London’s Market Future
1. Turning the Tide
Should Visma finalize its IPO in London, it would offer a symbolic and practical boost to the city’s financial ecosystem. At a time when the London Stock Exchange has struggled to attract large tech firms, this move could signal renewed interest in the capital as a viable listing venue for high-value software and technology companies.
2. A Blueprint for Recovery?
The potential listing might also serve as a case study for how London can remain competitive post-Brexit. By reinforcing the importance of regulatory reform, capital access, and investor depth, Visma’s move could encourage other companies—especially from Europe’s private tech sector—to follow suit.
Conclusion
While the final decision has yet to be made, Visma’s strong inclination toward a London IPO underscores the city’s enduring relevance in global finance. After years of setbacks, including company exits and investor wariness, the potential listing represents more than just one company going public—it’s a statement of renewed confidence. As reforms begin to take shape, London may slowly begin to re-establish its role as a key hub for ambitious, globally-minded firms.
