Visma Chooses London for €19 Billion IPO, Strengthening LSE Amid Exits

In a significant move for the London Stock Exchange (LSE), Norway's software giant Visma has provisionally selected London as the venue for its anticipated initial public offering (IPO), projected to occur in 2026. Valued at approximately €19 billion, Visma's decision comes at a crucial time for the LSE, which has faced a notable decline in listings following the departure of several high-profile companies.

Visma, which specializes in accounting, payroll, and human resources software, serves over 2.1 million clients across Northern Europe and Latin America. The company's choice of London over Amsterdam highlights the city's robust capital markets and the greater concentration of investors focused on UK equities, as reported by the Financial Times on June 26, 2025.

This decision is poised to bolster the LSE, which has struggled with a net loss of 88 companies in 2024 due to delistings and transfers to other stock exchanges, the highest number since the 2008-09 financial crisis, according to an analysis by Ernst & Young (EY). Major firms, including the drugmaker Indivior and travel group Tui, have opted for sole listings in the US and Frankfurt, respectively, further complicating the landscape for the LSE.

The potential IPO of Visma, which is 70% owned by the London-based private equity firm Hg Capital, is contingent upon the UK government and LSE implementing necessary reforms to address challenges stemming from Brexit. Hg Capital, the second-largest private equity firm in the UK, has a rich history with Visma, having facilitated its transition from a public to a private entity in 2006, following a hostile takeover bid from the UK software company Sage.

Merete Hverven, who has been with Visma since 2011 and became CEO in March 2020, leads the company. Under her stewardship, Visma has consistently posted quarterly growth and has expanded significantly through over 350 acquisitions. The company reported revenues of €2.8 billion in the previous year, reflecting nearly 12% organic growth, and underlying profits of €893 million.

Investors in Visma also include Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board, and Texas-based TPG Capital, showcasing a diverse backing that underscores the company's market strength. This upcoming IPO represents a strategic pivot for Visma, which had considered listing in 2023 but opted to secure private funding amidst market volatility.

As Visma moves forward with its IPO plans, analysts and industry leaders view this as a pivotal moment for the LSE, potentially signaling a resurgence in confidence for the UK market and attracting further international investment. The implications of Visma's decision extend beyond financial metrics, indicating a broader trend in how companies are navigating the post-Brexit landscape and the evolving dynamics of global capital markets.