Private equity-backed security group Verisure has announced plans to raise €3.1bn in an initial public offering in Stockholm, in what could be one of the largest European IPOs in recent years.

The deal, which may value the company at more than €20bn, marks a major step for Verisure as it looks to accelerate its international growth. Proceeds from the offering will be used to reduce debt and support expansion across Europe and Latin America.

Hellman & Friedman, which first invested in Verisure in 2011, is not selling any of its stake in the company. The IPO comes as private equity firms face increasing pressure from limited partners to return capital, though the firm is holding its position.

Verisure generated €1.8bn in revenues in the first half of 2025, up nearly 10% from a year earlier, and reported adjusted earnings of €845m. The company is one of the largest providers of home alarm systems in Europe.

The planned listing follows a gradual reopening of the European IPO market after years of subdued activity. Other deals on the horizon include Deutsche Börse’s index unit ISS Stoxx and Swiss Marketplace Group, which is expected to raise about $1.1bn in Zurich this week.

Verisure’s IPO underscores renewed investor confidence in European equities and highlights private equity’s ongoing role in shaping the pipeline of major listings.

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