EQT is preparing a potential IPO of IVC Evidensia that could result in a multibillion-pound listing, as the private equity firm advances exit plans for the veterinary group, the FT reported.

The company is in early discussions with advisers, with a listing likely to take place next year on a London or European exchange.

IVC Evidensia is backed by EQT, alongside investors including Silver Lake and Nestlé, highlighting strong private equity and strategic support behind the platform.

The business was valued at more than $13bn in 2021 and has since nearly doubled earnings, reflecting continued growth across its veterinary network.

The potential listing could rank among the largest IPOs in London in recent years, offering a significant liquidity opportunity for its private equity backers. However, timing will depend on the outcome of an ongoing investigation by the UK’s Competition and Markets Authority into the veterinary sector.

The regulator is expected to publish its final findings later this year, with the company likely to accelerate IPO preparations once the process concludes.

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